Dezerv, a Mumbai-based wealth management start-up, raised $20.7 million in a Series A round of funding led by Accel. Elevation Capital, Matrix Partners, Whiteboard Capital, and GTM Ventures are the existing investors who participated in the financing round.

Accel infused $12 million into the investment round, while Elevation Capital and Matrix Partners added $4.23 million individually. Whiteboard and GTM also invested Rs 97 lakh and Rs 58 lakh, respectively. Accel, Elevation and Matrix will each own 16.02 per cent of the fintech.

The fintech is backed by angel investors like Kunal Shah, founder of CRED, Ramakant Sharma, founder of LivSpace , Varun Dua, CEO of Acko, Nitin Gupta, founder of Uni, Anurag Sinha, founder and CEO of OneCard and Revant Bhate, co-founder of Mosaic.

They were joined by Asish Mohapatra and Ruchi Kalra, co-founders of Ofbusiness, Vidit Aatrey and Sanjeev Barnwal, co-founders of Meesho , BharatPe’s co-founders Shashvat Nakrani and Suhail Sameer. Family offices of Taparia of FamyCare, RK Kedia of Manjushree, CJ Shah and Neeraj Goenka of Texport also backed the start-up.

Former IIFL Wealth managers Sandeep Jethwani, Vaibhav Porwal and Sahil Contractor co-founded Dezerv in April 2021. It aimed to offer Indian professionals a tech-driven financial platform to manage their finances better. It also planned to provide portfolio management advisory and other financial services. In September 2021, the start-up raised $7 million from Elevation Capital and Matrix Partners India in its maiden institutional fundraising.