Dezerv is an online wealth management platform that announced a 157.4 percent increase in operational revenue to Rs 26.3 crore in FY24. The startup provides investment and portfolio management services to working professionals. The application allows users to manage and build portfolios with customized wealth management solutions. These management services, processing, and interest on servicing loans are the company’s primary source of revenue. The startup targets high net-worth individuals who have Rs 15 lakh and more for investment.
Entrackr mentioned in its report that the firm also earns Rs 8 lakh through non-operating services. The marketing investments for this financial year increased by three-fold and stood at Rs 18.48 crore in FY24. The company’s loss saw a 95.1 percent increase to Rs 74.52 crore in the same duration. The data intelligence platform, tracxn mentioned that the company has secured over 60 million USD across three funding rounds since its inception, including $32 million raised during its series B funding round led by Premji Invest, Elevation Capital, and others.
Deserv allows users to select from various investment strategies for mutual funds, fixed income, and equity investments while managing their management portfolio. The online platform uses advanced technologies to provide a customized feed and a seamless user experience. This wealth management startup allows users to manage and make secure investments with expert advice. The legal expenses stood at Rs 4.12 crore while the miscellaneous expenses were around 14.89 crore in FY24. The startup had an annual revenue run rate of Rs 26.3 crore in FY23.
The startup data intelligence platform, thekredible posted that the existing investors Elevation Capital and Matrix hold a 15.28 percent stake in the firm, followed by Accel with 11.46 percent. While Premji Invest controls 9.84 percent of the firm’s total stake. Dezerv focuses on improving its business model while offering more innovative wealth management solutions, positioning it well in the global market. The startup intends to control its losses by reducing operating expenses and employee benefits.
The Mumbai-based firm posted a 113.6 percent increase in its employee benefits which stood at Rs 63.34 crore. This cost accounted for 63 percent of the total expenses in the last financial year. The total expenses saw a 108.3 percent increase to Rs 100.8 crore in FY24. The EBITDA margin stood at -267.45 percent while the ROCE was around -64.90 percent in this fiscal year. The company faces competition from other wealth management platforms such as Wealthy and Niyogin.
Conclusion :
Dezerv announced a 157.4 percent increase in operational revenue to Rs 26.3 crore in this financial year. The wealth management startup offers an online investment and portfolio management platform. The income from these management services is the company’s major source of revenue. The startup reported a loss of Rs 74.52 crore in FY24.
The Employee benefits increased by 113.6 percent and crossed Rs 63.34 crore in the same duration. The employee benefits, marketing, telephone postage, hosting, and other costs increased the total expenses by 108.3 percent to Rs 100.8 crore in the same duration.
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