Wealthtech platform Dezerv continued its rapid scale up in FY25, delivering another year of strong topline growth. However, the aggressive expansion came at a cost, with losses widening sharply and employee expenses crossing the ₹100 crore mark.
According to its consolidated financial statements filed with the Registrar of Companies (RoC), Dezerv’s revenue from operations grew 2.5X to ₹66 crore in FY25, up from ₹26 crore in FY24. This followed a similar growth trajectory in the previous year, underlining the platform’s push to scale its wealth management offering among affluent professionals.
Founded to serve top-tier salaried individuals and high-net-worth clients, Dezerv offers portfolio management services (PMS), direct bond investments, and curated startup angel opportunities. Fees and commission income remained the largest contributor, accounting for 67% of operating revenue, and jumped nearly 4X to ₹44 crore during the year. Interest income also rose more than 4X to ₹16.8 crore, while fair value gains declined 55% to ₹4.8 crore, reflecting market volatility.
On the cost side, employee benefit expenses dominated the expense structure, accounting for 62% of total costs. This line item surged 76% year-on-year to ₹111 crore, as Dezerv expanded its advisory, technology, and leadership teams. Advertising and marketing spend rose 67% to ₹30 crore, while software expenses more than tripled to ₹8 crore, highlighting continued investment in platform capabilities.
Overall, total expenses increased 76% to ₹178 crore in FY25, from ₹101 crore a year earlier. As a result, net losses widened 49% to ₹112 crore, crossing the ₹100 crore threshold for the first time. On a unit economics basis, the company spent ₹2.70 to earn every rupee of revenue, underscoring the intensity of its growth investments.
Despite the losses, Dezerv closed FY25 with a strong liquidity buffer, reporting cash and bank balances of ₹204 crore and current assets of ₹267 crore as of March 2025.
According to startup data platform TheKredible, Dezerv has raised around $100 million to date, backed by Accel and Premji Invest. It operates in a competitive landscape alongside players such as Zerodha and Upstox, where scale, profitability, and trust continue to define long-term winners.
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