Wealth management startup Dezerv posts 95% jump in losses in FY24
21 Nov 2024, 04:41 PMThe company reported Rs 1,009 crore in revenue for FY23. However, when it filed its FY24 financials, the FY23 numbers were reflected as Rs 10.22 crore only.
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Wealth management startup Dezerv has reported Rs 26.25 crore in revenue from operations during financial year ended March 2024. In FY23, the company's revenue from operations stood at Rs 10.20 crore.
With growth in revenue, the company's losses also jumped 95% to Rs 74.53 crore in FY24 compared to Rs 38.20 crore in FY23, Entrackr reported.
Deserv's total expenses climbed 108.3% to Rs 100.84 crore from Rs 48.42 crore in FY23. Employee benefit costs went up by 113.6% to Rs 63.34 crore, accounting 63% of total expenses in FY23. Whereas, marketing costs jumped three-fold yoy to Rs 18.48 crore in FY24.
Entrackr further reported that the company reported Rs 1,009 crore in revenue for FY23. However, when it filed its FY24 financials, the FY23 numbers were reflected as Rs 10.22 crore only.
The Head and Tale has reached out to the founder, Sandeep Jethwani, on LinkedIn for clarification on this.
In July this year, Dezerv raised Rs 265 crore in a funding round led by Premji Invest, the private equity firm of billionaire Azim Premji. Existing investors Elevation Capital, Z47 (formerly Matrix Partners India) and Accel also participated in the round. The company has raised around $60 million till date.
Founded by Sahil Contractor, Sandeep Jethwani, and Vaibhav Porwal in 2021, Dezerv -- which targets HNIs (high net-worth individuals who can invest Rs 15 lakh to several crore rupees -- claims to manage over Rs 7,000 crore in assets that are allocated across proprietary equities, fixed income, and alternative investment models.
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