Current investors Matrix Partners India and Elevation Capital were also part of the round.
Dezerv intends to utilize the capital to enhance the user experience of its customers, create opportunities for investment and expand the pool of talent
In addition to the current fundraising campaign, Deserve has raised a total of $27Mn in funds up to date.
Startup in financial technology Dezerv has raised $21 million as part of its Series A financing round, which was led by Accel.
Current investors Matrix Partners India and Elevation Capital joined the round.
Dezerv plans to make use of the capital to enhance their user experiences, create opportunities for investment and expand the pool of talent.
As the gap between information and information grows in the area of financial and investment products There is a higher need for domain experts to manage funds and delivering long-term yields. We believe that the team of Dezerv with years of experience is the best to fill the gap professional workers in India confront, said Abhinav Chaturvedi the director of Accel.
With the current campaign, Deserve has raised a total of $27M in funds up to now.
In 2021, Dezerv was founded with Sandeep Jethwani, Vaibhav Porwal and Sahil Contractor, Dezerv was initially working as an invitation-only platform, providing access to a limited number of users. But, Dezerv has since opened up access to everyone.
The founders of Dezerv claim to have an experience that spans over 50 years. The founding team has collectively handled assets of more than INR 50K crore.
This fundraiser is yet another step in our goal of providing real-time investment advice to the professionals in India. The need for improved performance in investments has never so urgently felt as it is in today’s volatile market, said Sandeep Jethwani the co-founder of Dezerv.
Dezerv offers non-traditional investment opportunities-customised multi-asset long-term portfolio, global investments, alternate assets and pre-IPO deals. The company also said it received a license to use AIF or PMS and is looking to expand its services to customers.
Dezerv also affirms that its users have invested more than INR 800 crores through its platform.
The table that lists its cap values is comprised of Whiteboard Capital and Blume Founders Fund, Kunal Shah from CRED, Varun Dua from Acko, Vidit Aatrey from Meesho, Ashish Mohapatra from OfBusiness as well as others.
It faces competition from the likes of startups in the field of wealthtech like Wealthy, IndMoney, Groww and Zerodha and many more.
According to an report in a report Indian technology market for wealth, which was estimated at $20 billion in fiscal calendar year of 2020 is predicted to increase by 3x to almost $63 billion by fiscal year 2025.