India-based invest-tech platform dezerv has secured $20.7m in a Series A funding round, taking its valuation to $100m.
The round follows the firm’s $7m seed funding round in September last year and takes its total capital raised to $27.7m.
The latest funding round was led by Accel Partners with participation from existing investors Elevation Capital, Matrix Partners, Whiteboard Capital, and GTM Ventures, according to multiple sources.
The board of Dezerv approved a special resolution to issue 20 equity shares and 46,289 Series A CCPS at a price of approximately $440.27 per share in order to raise $20.7m.
Following the allotment, dezerv co-founders will collectively own 42.76% of the firm while Elevation, Matrix, and Accel will each own 16.02%.
Founded last year by former IIFL Wealth senior managing partners Sandeep Jethwani, Vaibhav Porwal, and Sahil Contractor, dezerv provides advisory and investment services to working professionals and high net-worth individuals (HNIs) across multi-assets and instruments.
The firm is said to compete with investment arms of private lenders as well as an array of independent financial advisories in the country, including Motilal Oswal, Marcellus, and WhiteOak.
dezerv is also backed by angel investors, including CRED’s Kunal Shah, LivSpace’s Ramakant Sharma, Meesho’s Sanjeev Barnwal, Hotstar’s Akash Saxena, and Five Star’s K Rangarajan.
In June, Indian fintech startup Progcap raked in $40m in funding as part of its Series C extension investment round to accelerate product development and support its expansion plans.
Delhi-based Progcap is a retailer-focused digital bank that digitises, automates, and eases capital movement across the supply chain to small and medium-sized businesses.