Mumbai-based wealthtech platform Dezerv has successfully raised Rs 265 crore ($32 million) in a Series B funding round, led by Premji Invest. This latest infusion of capital underscores Dezerv’s resilience amidst a challenging funding environment, particularly in the wealth management sector.

Regulatory filings accessed from the Registrar of Companies (RoC) reveal that Dezerv’s board approved a special resolution to issue 41,761 Series B CCPS at an issue price of Rs 63,455 each, raising a total of Rs 265 crore ($32 million).

Premji Invest led the funding round with an investment of Rs 169 crore. Existing investors Elevation Capital and Matrix Partners each contributed Rs 35 crore, while Accel India, which led Dezerv’s Series A financing, added Rs 26 crore to the Series B round.

The newly acquired funds will be utilized to drive growth and bolster Dezerv’s financial stability. The company, which provides portfolio management services to top-salaried and business professionals, leverages in-house experts to manage investment portfolios, boasting nearly 30% returns since its inception in April 2021.

TheKredible estimates place Dezerv’s valuation at approximately Rs 1,715 crore ($207 million) post-allotment. The Series B round appears to be ongoing, suggesting the potential for additional capital infusion, which would subsequently adjust Dezerv’s post-money valuation.

Following this funding round, Premji Invest holds 9.84% of Dezerv’s cap table, while Elevation Capital and Matrix Partners each command 15.28%, and Accel India holds 11.46%. To date, Dezerv has raised approximately $60 million, including a $7 million seed round co-led by Elevation and Matrix in September 2021.