Wealthtech and investment platform Dezerv has bagged Rs. 265 crore or $32 million in a Series B round which was led by Premji Invest. Through this fundraising this Mumbai based firm proved its ability to identify the funding drought specifically in the wealth management sector.

According to the regulatory filings of the company, the managerial board of Dezerv passed a special resolution to issue 41,761 Series B CCPS at an issue price of Rs.63,455 each to raise Rs.265 crore or $32 million.

Premji Finance has spearheaded the funding round with Rs.169 crore, on the other hand, backers Elevation Capital and Matrix Partners have injected Rs.35 crore each. The investment firm Accel India which led the Dezerv’s Series A financing round, also participated in the series B round with Rs.26 crore.

The company described in the filings that, the company will use these fresh proceeds for growth and strengthening its financial position.

The company offers various services to portfolio management services to top-salaried and business individuals. It also claims to manage investment portfolios by leveraging in-house experts and claims to have delivered close to 30% returns to its users since its inception in April 2021.

According to the startup intelligence platform TheKredible, the company has been valued at around Rs.1,715 crore or $207 million (post-allotment). The series B round appears to be an ongoing one and the firm may raise more capital. Dezerv’s post-money valuation will change accordingly.

After the Series B round allocation, Premji Invest holds 9.84% of the company's capitalization, while Elevation Capital, Matrix, and Accel collectively possess 15.28%, 15.28%, and 11.46% of the company, respectively.

Dezerv has secured approximately $60 million in total funding, which includes a $7 million seed round co-led by Elevation and Matrix in September 2021.