Raise Financial Services, the parent company of the popular stock trading platform Dhan, has announced the successful closure of a $120 million (approximately INR 1,065 crore) Series B funding round led by Hornbill Capital and Japan’s MUFG, boosting the company’s valuation beyond the $1 billion mark.
The latest funding round also saw participation from BEENEXT, Ramesh Damani (DMart), DSP Family Office, JM Financial Family Office, and Aashish Somaiyaa (White Oak Capital), officially ushering Dhan into India’s growing unicorn club.
The newly acquired capital is set to fuel it’s expansive growth plans. The company will channel these funds into broadening its financial product ecosystem, enhancing its AI-driven investing and trading infrastructure, and launching innovative solutions in wealth distribution.
With a focus on strengthening its reach within Tier I and Tier II cities, the brand is poised to address the evolving needs of India’s diverse retail investor segment.
Founded in 2021 by Pravin Jadhav (former CEO of Paytm Money), Jay Prakash Gupta, and Alok Pandey, Raise Financial Services introduced Dhan to simplify the stock trading and investment journey for India’s rapidly expanding base of retail investors. Its product suite includes the Dhan trading app, Option Trader, Dhan Web, TradingView by Dhan, and the DhanHQ API targeting advanced traders. The platform has quickly established itself as a technology-forward player in the investment space.
This Series B round marks the company’s second institutional fundraising effort, coming on the heels of its $22 million raise in 2022 led by BEENEXT, which then valued the startup at around $125 million. The latest round reflects a nearly tenfold increase in valuation over just three years. Avendus Capital acted as the exclusive financial advisor for this transaction.
Financially, Dhan has posted robust growth with a profit after tax (PAT) of INR 400 crore in FY25, almost doubling from INR 177 crore in FY24, and revenues reaching approximately INR 900 crore. These figures highlight both strong profitability and rising adoption among users.
The startup’s entry into the unicorn club 2025 makes it the sixth Indian startup to achieve this coveted status in 2025, joining the ranks of Netradyne, Porter, Drools, Fireflies.ai, and Jumbotail.
In India’s highly competitive investment tech landscape, the startup continues to vie with established platforms like Zerodha, Groww, Angel One, and Upstox.
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While Groww leads as the largest trading platform in India with over 12 million monthly users, Dhan currently boasts an active base of about 1 million users and is steadily gaining ground among retail traders.
With the Indian investment ecosystem rapidly transforming, Raise Financial Services is focused on building an AI-powered, inclusive trading platform that empowers
