Premji Invest leads ₹265-cr funding round in wealth management firm Dezerv

Wealth management platform Dezerv has raised ₹265 crore in a funding round led by Premji Invest, the private equity firm of billionaire Azim Premji, as it aims to expand its investment strategies for high-net-worth individuals (HNI) in India. Existing investors Elevation Capital, Z47 (formerly Matrix Partners India) and Accel also participated in the round.

The fresh capital is expected to help Dezerv boost its technology platform and hire investment specialists for its next growth phase, it said in a statement on Tuesday. The company did not disclose its valuation.

Founded by Sahil Contractor, Sandeep Jethwani, and Vaibhav Porwal in 2021, Dezerv claims to manage over ₹7,000 crore in assets that are allocated across proprietary equities, fixed income, and alternative investment models. It aims to support India’s affluent class and HNIs in their wealth creation journey.

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According to Jethwani, over 65% of HNI portfolios often suffer from underperformance due to mis-selling and over-diversification. Dezerv aims to address these issues with the help of technology and centrally-managed portfolios.

Dezerv’s financial health assessment app Wealth Monitor has tracked assets over ₹60,000 crore, the firm said.

“India’s wealth creators are set to add nearly $1.2 trillion over the next five years, with their wealth growing at a 14% CAGR... Building trust and delivering top-tier service requires significant capital for client asset security, regulatory compliance, and good governance. We are grateful for the substantial support from Premji Invest and our existing partners,” Jethwani said in the statement.

Premji Invest, the family office of Azim Premji that manages over $10 billion for the tech czar, has made 140 investments globally. The family office is betting on artificial intelligence to prop up its $10 billion worth Premji Invest fund, and will thus increase investments in the sector, Bloomberg reported in April.

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According to Saravanan Nattanmai, partner at Premji Invest, the financialisation of savings is gaining significant momentum in India. With the deepening of the capital markets, navigating the complex risk-return dynamics across multiple asset classes becomes increasingly challenging, especially for the mass affluent segment, he added.

India’s wealth management market reached $429.1 billion in 2023 and is projected to grow at a CAGR of 4.56% during 2025–2029, according to estimates by market research firm TechSci Research.

Last month, 360 One WAM, a wealth manager for HNIs, entered into a definitive agreement to acquire ET Money to strengthen its client coverage.

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