Existing investors Whiteboard Capital, Elevation Capital (formerly Saif Partners), and Matrix Partners India also participated in the round, along with GTM Ventures, regulatory filings filed with the Ministry of Corporate Affairs (MCA) showed.
The company intends to use the proceeds from the current round to focus on strengthening its user experience, introduce newer investment opportunities and grow its talent pool, it said in a statement on Monday.
Founded in 2020 by former IIFL Wealth managers Sandeep Jethwani, Sahil Contractor and Vaibhav , Dezerv Investments offers Indian working professionals a tech-driven financial platform, where they can seek expert advice on managing their money.
The invite-only platform allows users to start investing from Rs 50,000 onwards.
“This fundraise is one more step towards our mission of delivering real investment expertise to India’s working professionals,” Jethwani said.
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“The need for better investment outcomes has never been felt as acutely as in the current volatile environment. The overwhelming response in our early days coupled with this fundraise from three of India’s top venture capital funds further strengthens our mission,” he added.
The company has already seen close to Rs 800 crore being invested through its platform.
“We’re excited to partner with Dezerv in their journey to provide investment expertise to working professionals in India,” said Abhinav Chaturvedi, partner, Accel. “As the information asymmetry increases when it comes to investing and financial products, there is a greater need for domain experts managing money and delivering sustainable returns.”
The startup also counts other prominent founders such as OfBusiness cofounders Ruchi Kalra and Asish Mohapatra; Meesho cofounder Vidit Aatrey; and Acko founder Varun Dua as investors.
The latest funding comes after the company said
it had raised $7 million as part of its maiden institutional round – co-led by Elevation and Matrix – in September last year.
“Indian wealth-tech is at a tipping point, with an influx of new affluent investors over the last few years, who now need expert advice to navigate uncertain markets. Dezerv’s expert-led platform spans across asset classes and provides custom solutions, to create a portfolio for long term investors,” said Vikram Vaidyanathan, managing director, Matrix India.