As the Economic Times reported Monday (Aug. 8), the company hopes to use the funding to strengthen its user experience, launch new investment opportunities and expand its talent pool.
Founded in 2020, Dezerv is an invite-only financial platform for working professionals in India, giving them a place to receive expert money management advice. The platform allows users to start investing at 50,000 rupees ($6,280).
“This fundraise is one more step towards our mission of delivering real investment expertise to India’s working professionals,” Co-founder Sandeep Jethwani said in the report.
“The need for better investment outcomes has never been felt as acutely as in the current volatile environment. The overwhelming response in our early days coupled with this fundraise from three of India’s top venture capital funds further strengthens our mission.”
In addition to Accel, investors in this round include returning backers Whiteboard Capital, Elevation Capital (formerly Saif Partners) and Matrix Partners India, as well as GTM Ventures.
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See also: Indian Firm CredAble Raises $9M to Grow Working Capital Financing Platform
In other recent investment news from India, working capital solution provider CredAble last week raised $9 million through an equity infusion from Indian bank Axis Bank and CredAble’s existing returning OAKS Asset Management.
The company said the new investment will be used to accelerate its growth plans, to continue helping small businesses meet their working capital and credit goals, and to continue adding to its growing list of alliances with enterprise customers and financial institutions.
“This direct investment by Axis Bank and the continued support from existing investors validates CredAble’s journey thus far to help India solve its working capital woes,” CredAble Co-founder and CEO Nirav Choksi said.
