Stock trading platform Dhan, operated by Raise Financial Services, has secured $120 million (approximately INR 1,065 crore) in its Series B funding round, valuing the company at over $1.2 billion, according to sources close to the deal.
Funding Led by Hornbill Capital and MUFG
The mixed primary and secondary round was led by Hornbill Capital and Japan’s MUFG. Existing investors including BEENEXT, Ramesh Damani (DMart founder), DSP Family Office, JM Financial Family Office, and Aashish Somaiyaa (White Oak Capital) also participated.
Pravin Jadhav, founder and CEO of Raise Financial Services, said the investment will help Dhan grow, innovate, and introduce new products focused on investing, AI, and financial services distribution.
Rapid Valuation Growth
This is Dhan’s second institutional fundraise, following a $22 million round led by BEENEXT in 2022, when the startup was valued at $125 million. The latest round represents nearly a 10X jump in valuation.
Sixth Indian Unicorn of 2025
With this funding, Dhan joins the list of India’s unicorns in 2025, alongside Netradyne, Porter, Drools, Fireflies.ai, and Jumbotail.
About Raise Financial Services
Founded in 2021 by Pravin Jadhav, Jay Prakash Gupta, and Alok Pandey, Raise Financial Services provides a range of stock broking and investment products, mainly targeting users in Tier I and II cities. Its offerings include the Dhan stock broking app, Option Trader app, Dhan web platform, TradingView by Dhan, and DhanHQ API for traders.
Raise also operates ScanX, a market research platform; Upsurge, a learning platform for financial markets; and Filter Coffee, producing bite-sized finance content for Gen Z and millennials. Recently, it launched Fuzz (askfuzz.ai), an AI tool for investors and finance professionals providing contextual, source-backed insights.
Backers and Leadership
In addition to the new investors, Raise counts 3one4 Capital, CRED’s Kunal Shah, Flipkart CEO Kalyan Krishnamoorthy, and PhonePe’s Sameer Nigam and Rahul Chari among its backers.
Financial Performance
Dhan reported a profit after tax (PAT) of around INR 400 crore in FY25, more than double the INR 177 crore PAT from FY24. Revenue jumped to about INR 900 crore, a 2.4X increase from FY24’s INR 373 crore.
Market and Competition
Dhan operates in India’s growing investment tech sector, with over 1 million monthly users. It competes with larger platforms like Zerodha, Groww, Angel One, and Upstox. Groww leads with 12 million monthly users and is preparing for a nearly $1 billion IPO. Zerodha, meanwhile, is exploring charging brokerage fees on equity delivery trades after revenue declines.
