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.
𝗪𝗵𝗮𝘁’𝘀 𝗗𝗿𝗶𝘃𝗶𝗻𝗴 𝘁𝗵𝗲 𝗠𝗼𝗺𝗲𝗻𝘁𝘂𝗺
𝗜𝗻𝘃𝗲𝘀𝘁𝗼𝗿 𝗖𝗼𝗻𝗳𝗶𝗱𝗲𝗻𝗰𝗲: 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.
𝗦𝘁𝗿𝗼𝗻𝗴 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹𝘀: Dhan reported a profit after tax (PAT) of ₹400 crore on a revenue of ₹900 crore in FY25, indicating robust growth and profitability.
𝗨𝘀𝗲𝗿 𝗕𝗮𝘀𝗲 𝗘𝘅𝗽𝗮𝗻𝘀𝗶𝗼𝗻: The platform currently serves nearly 1 million active users, competing with industry giants like Zerodha and Groww.
𝗦𝘁𝗿𝗮𝘁𝗲𝗴𝗶𝗰 𝗙𝗼𝗰𝘂𝘀 𝗔𝗿𝗲𝗮𝘀
𝗣𝗿𝗼𝗱𝘂𝗰𝘁 𝗜𝗻𝗻𝗼𝘃𝗮𝘁𝗶𝗼𝗻: Plans to enhance offerings in AI-driven trading, investment tools, and financial education.
𝗠𝗮𝗿𝗸𝗲𝘁 𝗘𝘅𝗽𝗮𝗻𝘀𝗶𝗼𝗻: Aiming to broaden its reach among Gen Z and millennial investors.
𝗣𝗹𝗮𝘁𝗳𝗼𝗿𝗺 𝗗𝗶𝘃𝗲𝗿𝘀𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻: Expanding into financial services distribution, including ScanX, Upsurge, and Filter Coffee, to create a comprehensive financial ecosystem.
𝗪𝗵𝘆 𝗜𝘁 𝗠𝗮𝘁𝘁𝗲𝗿𝘀 ?
Dhan’s ascent to unicorn status underscores the growing investor confidence in India’s fintech sector, particularly in platforms catering to the evolving needs of retail investors. The company’s 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.
