Dhan Joins India’s Unicorn Club

Financial services company Raise Financial Services, the parent organization of the stockbroking platform Dhan, has recently entered India’s unicorn club after securing $120 million in a funding round spearheaded by Hornbill Capital.

This round also saw involvement from MUFG Bank, Beenext, along with several family offices and investors from public markets. Dhan’s fresh capital acquisition came with a valuation of $1.2 billion. Previously, the company raised $22 million in 2022 from a group of investors that included Beenext and Mirae Asset.

Dhan’s Strategic Use of Funds

The stockbroking platform intends to utilise the new investment to enhance its technology infrastructure, broaden its omnichannel presence, and introduce new financial products targeting retail investors. In line with these ambitions, the company has appointed Ketan Shah as the CEO of its omnichannel division to fortify leadership as it prepares for its next growth phase.

Background of Dhan

Founded in 2021 by Pravin Jadhav, Dhan operates as a platform for stockbroking and investments, specifically catering to active traders and Gen Z investors. It provides options for trading equities, ETFs, and futures and options across the NSE, BSE, and MCX. Additionally, integrations with smallcase, TradingView, and MoneyControl enhance the overall user experience.

Financial Performance and Market Context

Reportedly, the company has demonstrated robust financial performance, achieving approximately Rs 900 crore in revenue for FY25 in comparison to Rs 380 crore in FY24, while consistently maintaining cash-flow positivity over multiple years. Dhan’s swift expansion coincides with a surge in activity within India’s retail trading ecosystem, fuelled by a new wave of investors seeking affordable, technology-oriented alternatives to conventional brokers.

Dhan’s Position Among Indian Unicorns

With this latest funding round, Dhan joins the ranks of profitable stockbroking unicorns in India, alongside well-known platforms such as Zerodha, Groww, and Angel One.