Mumbai-based dezerv. Investments, a wealth management startup, has raised $7 million from Elevation Capital and Matrix Partners India in its maiden institutional fundraising. The company counts Whiteboard Capital, Blue Founder’s Fund and other marquee angels, industry executives and family offices among its investors.
Dezerv. plans to use the funds to build a strong team, launch and scale their invest-tech product platform and re-define investment experience for working professionals in India.
Founded in April 2021 by former IIFL Wealth Senior Managing Partners—Sandeep Jethwani, Vaibhav Porwal and Sahil Contractor, dezerv. aims to help underserved Indian working professionals invest like experts by providing an integrated portfolio approach combined with expert advisory. The platform will help users take calculated risks to maximize returns with the right portfolio mix and also unlock access to new asset classes.
Also, Read This: Mumbai-based WealthDesk Bags USD 3.2 million From Mathew Cyriac
According to the startup, the Indian market comprises of around 30 million households of working professionals who are adrift without a clear solution to manage their growing pool of wealth. On one end, while DIY platforms offer a marketplace for products, they lack the sophistication in advisory. On the other end, traditional wealth advisors cater only to the high net worth and ultra-high net worth segments, neglecting the successful, deserving professionals.
According to ResearchAndMarkets.com’s June 2021 report on wealth management in India, India’s high-networth investors–who are predominantly male and working professionals– have a relatively high demand for wealth management services, reported ET. This shows that competition for wealth management business is fierce in the country.
To stand out from the crowd, providers should differentiate themselves through their products and services and grow their expertise in specific areas of the wealth management space. “Robo advisory services are witnessing a massive increase in demand, with 80% of wealth managers agreeing that traditional wealth managers will lose market share to these services in the next 12 months,” the report stated.