dezerv., a new-age, 'expert' investing platform, has raised $7 million in a seed funding round co-led by Elevation Capital and Matrix Partners India, with participation from reputed investors such as Whiteboard Capital and Blume Founders Fund.
This round also featured leading tech founders including Kunal Shah (CRED), Ramakant Sharma (LivSpace), Asish Mohapatra & Ruchi Kalra (Ofbusiness), Vidit Aatrey and Sanjeev Barnwal (Meesho), Varun Dua (Acko), Nitin Gupta (Uni), Anurag Sinha (OneCard), Shashvat Nakrani & Suhail Sameer (BharatPe), Revant Bhate (Mosaic) along with marquee family offices including Taparia (FamyCare), RK Kedia (Manjushree), CJ Shah and Neeraj Goenka (Texport) and leading industry professionals like Akash Saxena (Hotstar), K Rangarajan (Five Star) and Aashish Sommaiyaa (WhiteOak).
The company plans to use the funds to continue to build a strong team, launch and scale their invest-tech product platform and re-define investment experience for working professionals in India. Established in April 2021 by former IIFL Wealth Senior Managing Partners—Sandeep Jethwani, Vaibhav Porwal and Sahil Contractor—dezerv. aims to offer a fresh approach and platform to help underserved Indian professionals access investment expertise.
As part of the founding team at IIFL Wealth, Jethwani, Porwal and Contractor had worked with high networth clients to structure investing products and provide expert advisory that helped significantly grow their clients’ wealth. The co-founders said, “dezerv. will leverage the digital adoption and scalable investment infrastructure of post-pandemic India, coupled with decades of our experience to bring world-class investing to Indian professionals. We are excited to launch our unique Integrated Portfolio Approach that looks beyond selecting individual mutual funds, and delivers high performing portfolios while controlling risk."
dezerv. has brought together a team of experts across the investing and technology domains with the educational pedigree of globally renowned institutions like MIT, USC, IIMs and IITs. The team has high quality work experience from global companies like JP Morgan, UBS, Uber, Brookfield, Morgan Stanley and Clevertap.
With more than 80 percent of large cap mutual funds underperforming the benchmarks, the odds are already against the average Indian investor. Hence, over 75 percent working professionals say that they need guidance on their portfolio and investments, as per a study conducted by the team. Today, this market comprises 30 million households of working professionals in the country who are adrift without a clear solution to manage their growing pool of wealth.
Currently, the platform is “invite-only”; users can apply on the dezerv.in website to access the platform.
Mridul Arora, Partner, Elevation Capital, said, “We are big believers in financialization of savings and democratizing access to financial products for customers across the affluence spectrum.”
Vikram Vaidyanathan, Managing Director, Matrix India, added, “Digital-native affluent investors are on the brink of beginning their journey of building a portfolio across different asset classes. They need a solutions-focused approach designed by experts, and dezerv. aims to do just that.”