Raise Financial Services, the parent company of retail investing platform Dhan, has entered India’s unicorn club after securing $120 million in a fresh funding round led by Hornbill Capital, with participation from MUFG Bank, Beenext, and multiple family offices and public-market investors.
The round values Raise Financial at $1.2 billion, marking its first major fundraise since 2022, when it raised $22 million from Mirae Asset and Beenext.
Expanding India’s Retail Investing Network
Founded in 2021 by Pravin Jadhav, Dhan provides a technology-driven trading experience for active traders and Gen Z investors, offering equity, ETF, and F&O trading across NSE, BSE, and MCX. The platform also integrates with smallcase, TradingView, and Moneycontrol, enhancing data-driven investing and execution speed.
To strengthen its omnichannel reach, Dhan recently appointed Ketan Shah as CEO of its physical and assisted investing business. The company plans to use the latest capital to upgrade its tech stack, expand presence beyond metros, and launch new financial products tailored for retail and professional traders.
Financial Performance & Market Edge
Dhan reported ₹900 crore in revenue for FY25, up from ₹380 crore in FY24, maintaining cash-flow positivity for multiple years a rarity in India’s fintech ecosystem.
Founder and CEO Pravin Jadhav stated that Dhan’s mission is to “build long-term, sustainable trading infrastructure for the next generation of Indian investors,” emphasizing profitability and product innovation over aggressive expansion.
With this funding, Raise Financial joins the ranks of India’s profitable stockbroking unicorns — including Zerodha, Groww, and Angel One — underscoring investor confidence in India’s maturing retail investing landscape.
Stay curious. Stay ambitious. Stay connected with StartupStoryindia
