Dhan, the Bengaluru-based stock trading platform under Raise Financial Services, has raised $120 million in a Series B funding round, propelling its valuation to $1.2 billion, officially marking it as a unicorn. Dhan was founded in 2021 by Pravin Jadhav (former CEO of Paytm Money), Jay Prakash Gupta, and Alok Pandey.
๐ช๐ต๐ฎ๐โ๐ ๐๐ฟ๐ถ๐๐ถ๐ป๐ด ๐๐ต๐ฒ ๐ ๐ผ๐บ๐ฒ๐ป๐๐๐บ
๐๐ป๐๐ฒ๐๐๐ผ๐ฟ ๐๐ผ๐ป๐ณ๐ถ๐ฑ๐ฒ๐ป๐ฐ๐ฒ: The round was led by Hornbill Capital and MUFG, with participation from Beenext, Ramesh Damani, Aashish Somaiyaa, JM Financial Family Office, and DSP Family Office.
๐ฆ๐๐ฟ๐ผ๐ป๐ด ๐๐ถ๐ป๐ฎ๐ป๐ฐ๐ถ๐ฎ๐น๐: Dhan reported a profit after tax (PAT) of โน400 crore on a revenue of โน900 crore in FY25, indicating robust growth and profitability.
๐จ๐๐ฒ๐ฟ ๐๐ฎ๐๐ฒ ๐๐ ๐ฝ๐ฎ๐ป๐๐ถ๐ผ๐ป: The platform currently serves nearly 1 million active users, competing with industry giants like Zerodha and Groww.
๐ฆ๐๐ฟ๐ฎ๐๐ฒ๐ด๐ถ๐ฐ ๐๐ผ๐ฐ๐๐ ๐๐ฟ๐ฒ๐ฎ๐
๐ฃ๐ฟ๐ผ๐ฑ๐๐ฐ๐ ๐๐ป๐ป๐ผ๐๐ฎ๐๐ถ๐ผ๐ป: Plans to enhance offerings in AI-driven trading, investment tools, and financial education.
๐ ๐ฎ๐ฟ๐ธ๐ฒ๐ ๐๐ ๐ฝ๐ฎ๐ป๐๐ถ๐ผ๐ป: Aiming to broaden its reach among Gen Z and millennial investors.
๐ฃ๐น๐ฎ๐๐ณ๐ผ๐ฟ๐บ ๐๐ถ๐๐ฒ๐ฟ๐๐ถ๐ณ๐ถ๐ฐ๐ฎ๐๐ถ๐ผ๐ป: Expanding into financial services distribution, including ScanX, Upsurge, and Filter Coffee, to create a comprehensive financial ecosystem.
๐ช๐ต๐ ๐๐ ๐ ๐ฎ๐๐๐ฒ๐ฟ๐ ?
Dhanโs ascent to unicorn status underscores the growing investor confidence in Indiaโs fintech sector, particularly in platforms catering to the evolving needs of retail investors. The companyโs focus on innovation, user-centric services, and strategic diversification positions it well to capitalise on the expanding retail trading market in India.
At Startup Veda, we track how Indian startups are navigating the path to unicorn status and beyond. Follow us for more insights into the fintech landscape.
