Mumbai‑based wealth technology startup Dezerv has completed an Employee Stock Ownership Plan (ESOP) buyback worth ₹46 crore (approximately $5.3 million).
While the Accel‑backed startup did not disclose the number of participants, it stated that both current and former employees were given the opportunity to sell their vested shares during the buyback. However, many chose to retain their investments.
“We remain committed to delivering the highest quality investment experience to India’s wealth creators. A crucial part of ensuring this is the motivation and alignment of the team with our values. This ESOP buyback is one among many such aspects to our culture,” said Dezerv cofounder Sandeep Jethwani.
What are ESOPs?
Employee Stock Ownership Plans (ESOPs) are company‑awarded options that give employees a stake in the business, typically vesting over time. Employers use ESOPs to attract and retain talent, align employee goals with long‑term growth and provide performance‑based financial rewards.
ESOP buybacks have long been a way for companies to reward both current and former employees for their contributions to the company's success. According to Inc42, at least 23 companies participated in ESOP liquidation programmes last year, generating over ₹1,448 crore in wealth for more than 3,000 employees in the Indian startup ecosystem.
Listed foodtech startup Swiggy and IPO‑bound Urban Company emerged as the top wealth generators for employees through their ESOP liquidity programmes, valued at $65 million and $24 million respectively.
Additionally, healthtech startup Even Healthcare recently completed its first‑ever ESOP buyback programme, valued at $500,000.
Deserv Financials
Dezerv was founded in April 2021 by former IIFL Wealth senior managing partners Jethwani, Vaibhav Porwal and Sahil Contractor. The firm has since attracted high‑net‑worth clients, including professionals from Amazon, Zomato, Swiggy, Google, BCG and McKinsey.
Dezerv focuses on providing wealth management services and curated investment products to make quality financial advice accessible to working professionals and affluent investors in India.
In December, the company announced that its assets under management (AUM) had surpassed ₹10,000 crore, with a target of reaching ₹25,000 crore by the end of this year. Dezerv currently employs around 300 people across its offices in Hyderabad, Pune, Bengaluru, Delhi and Mumbai.
The start‑up reportedly raised over ₹265 crore last year in a Series B funding round led by Premji Invest, with participation from existing investors Elevation Capital, Z47 and Accel.
