Dhan has achieved unicorn status after raising $120 million (approximately Rs 1,065 crore) in its Series B funding round, valuing the company at over $1.2 billion. The round, a mix of primary and secondary investments, was led by Hornbill Capital and Japan’s MUFG, with participation from existing investor BEENEXT, Ramesh Damani – Founder of DMart, DSP Family Office, JM Financial Family Office, and Aashish P Sommaiyaa of White Oak Capital.
Pravin Jadhav, Founder and CEO, formerly of Paytm Money, said the company plans to use the fresh capital to deepen its focus on innovation across investing, AI, and financial services distribution.
“We are humbled to have found early success and product-market fit for Dhan amongst the Indian retail trading community. With this investment, we’re excited to grow, innovate, and introduce new products focused on investing, AI, and expanding our reach in financial services,” Jadhav said.
This marks Dhan’s second institutional funding round following its $22 million Series A in 2022, which valued the company at $125 million. The new valuation represents a tenfold increase, underscoring the platform’s rapid growth and investor confidence.
Founded in 2021 by Pravin Jadhav, Jay Prakash Gupta, and Alok Pandey, Raise Financial Services operates multiple platforms in the stock broking and financial technology space.
Its flagship products include the Dhan app, Option Trader app, Dhan web platform, TradingView by Dhan, and DhanHQ API, which cater to both retail traders and professional investors.
The company also operates ScanX (a market research and analytics platform), Upsurge (a learning platform for financial literacy), and Filter Coffee, a content hub for Gen Z and millennials.
Recently, Raise Financial Services unveiled Fuzz (askfuzz.ai), an AI-driven platform designed for serious investors and finance professionals, trained on large-scale financial datasets to provide contextual and source-backed insights tailored for the Indian market.
On the financial front, Dhan reported a profit after tax (PAT) of Rs 400 crore in FY25, more than doubling from Rs 177 crore in FY24. Revenue for FY25 surged to Rs 900 crore, marking a 2.4x increase year-on-year.
With more than 1 million active monthly users, Dhan operates in investment tech landscape alongside major players such as Zerodha, Groww, Upstox, and Angel One. Despite its smaller user base, Dhan has carved a niche through product innovation and a focus on user experience.
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