In July 2024, the wealth management startup Dezerv secured Rs 265 crore in a Series B funding round, driven by its exceptional financial performance in the previous fiscal year.

Premji Invest-backed company experienced a remarkable 160% increase in operational revenue for the fiscal year ending in March 2024. On the flip side, its losses increased by a substantial 95% over the corresponding period.

Dezerv's consolidated financial statements, retrieved from the Registrar of Companies (RoC), show that the company's revenue from operations increased to Rs 26.25 crore in FY24. This marks a significant rise from Rs 10.20 crore in FY23.

In the previous fiscal year, the company reported a total income of Rs 26.33 crore, including Rs 8 lakhs in non-operating income.

Dezerv offers working professionals portfolio management services (PMS), providing expert guidance along with direct bonds and opportunities for angel investments in startups. The platform is mainly focused on catering to high-net-worth individuals (HNIs) with investment capacities ranging from Rs 15 lakhs to several crore rupees.

Employee benefit expenses were the largest cost driver for Dezerv, rising by 113.6% to Rs 63.34 crore, accounting for 63% of the company’s total expenses in the last fiscal year. Marketing investments more than tripled, reaching Rs 18.48 crore in FY24.

Legal and miscellaneous expenses stood at Rs 4.13 crore and Rs 14.89 crore, respectively. As a result, the company’s total expenses surged by 108.3%, climbing to Rs 100.84 crore from Rs 48.42 crore in the previous year.