Dezerv is a wealthtech platform that has shown impressive levels of scaling in the 2024-2025 fiscal year and is continuing its growth path from the last year. As per the consolidated financial statements of the company obtained through the Registrar of Companies, the revenue of the operations of Dezerv increased 2.5 times and has reached ₹66 crore in FY25 as compared to ₹26 crore in FY24. This growth illustrates the growing presence of the platform in the wealth management industry, where it offers portfolio management, direct bond, and angel investing options to well-to-do individuals and working professionals of the upper tier.
This revenue growth was mainly due to fees and commission income, which contributed about 67% of the total operating revenue. The particular segment experienced almost a fourfold surge and reached ₹44 crore in the fiscal year. There was an increase of over 4X in interest income amounting to ₹16.8 crore. All financial measures did not indicate an improvement, and net gains on fair value changes decreased by 55% and were at ₹4.8 crore during the same period.
In spite of the strong increase in the top-line revenues, Dezerv experienced a significant rise in total spending. The total expense of the company increased by 76% and reached ₹101 crore in FY24 and ₹178 crore in FY25. Employee benefit expenses were the greatest contributor to this expenditure, and this was still the main cost head to the firm. This expenditure is 62% of the total expenditure, which increased by a rate of 76% to ₹111 crore in FY25, as compared with ₹63 crore in the previous year. This drastic rise in staff expenses represents the firm’s heavy investment in talent in order to sustain its high growth rate.
The fiscal year also recorded significant increases in other operational costs. The costs of advertising and marketing increased by 67% to ₹30 crore in an effort to increase its brand presence and customer base. The cost of software witnessed an astronomical increase of 220%, amounting to ₹8 crore. Although the depreciation expenses also increased to ₹6 crore, the company was able to reduce its legal and professional expenses, which fell to ₹3 crore in the period.
The aggressive expansion strategy and high spending that ensued increased the widening of the losses of Dezerv. The total losses of the company grew by 49%, reaching the ₹112 crore mark by FY25. According to the financial report, the EBITDA margin of the firm was -159.09%, and the Return on Capital Employed was -39.36%. On a unit economics view, the data indicate that Dezerv incurred ₹2.70 per unit of revenue in the previous fiscal year, which has made the acquisition and operation expensive in its current scaling stage.
Irrespective of these losses, the Bengaluru-based company can be characterized by a relatively stable liquidity position. By March 2025, Dezerv reported cash and bank balances of ₹204 crore, and its total current assets were valued at ₹267 crore.
The company has been able to accumulate this capital cushion through its successful fundraising efforts, as the company has raised about $100 million to date. This involves a new round of investment of $40 million directed by the leading investors, like Accel and Premji Invest.
Dezerv competes in a highly competitive market in wealthtech, where it has to face established industry participants such as Zerodha, Upstox, and Wealthdesk. The financial performance of these competitors puts into perspective the present financial status of Dezerv.
For instance, the bootstrapped giant Zerodha recorded a massive revenue of 8847 crore and a profit of ₹4,237 crore in FY25. Compared to this, Upstox, which has acquired more than $200 million, registered stagnant revenue of ₹3,902 crore in the same year. These statistics indicate the different sizes and financialization models that exist in the Indian wealthtech ecosystem.
The financial performance of FY25 shows that Dezerv experienced a time of intensive scaling with high rates of revenue growth, compensated by an even greater increase in operational expenses. Although the company has been able to triple its core commissions and retain a strong cash reserve due to strategic funding, there has been a huge increase in the costs associated with the employees and marketing expenditures, which has pushed the company into a loss that crosses the ₹100 crore mark.
Since Dezerv is still competing with both desirable bootstrapped executives and well-capitalized incumbents, its main issue will be to balance its high growth targets with better unit economics and a sustainable course to profitability.