Dhan Joins Unicorn Club with $120M Boost, Eyes AI-Powered Expansion

Mumbai-based Raise Financial Services, the parent of stock trading platform Dhan, has entered the unicorn club with a $1.2 billion valuation following a $120 million Series B funding round led by Hornbill Capital. The funding will fuel technology expansion, AI-driven product innovation, and new offerings across financial services. The company announced it in a post on X (formerly known as Twitter) on Monday.

Big milestone for us at Raise 🚀

We’ve raised our Series B of $120 Million led by Hornbill Capital, with participation from MUFG and BEENEXT.

This investment marks the next phase in our journey to build a truly best-in-class financial services platform for India. 🇮🇳 pic.twitter.com/sMVpjQW5kr

— Raise Financial Services (@RaiseTheBarHQ) October 6, 2025

Dhan Becomes India’s Newest Fintech Unicorn:

Raise Financial Services, which operates the stock trading platform Dhan, has secured $120 million in a Series B funding round led by Hornbill Capital, with participation from MUFG and BEENEXT. This latest funding pegs the Mumbai-based fintech at $1.2 billion, officially placing it in India’s growing unicorn club.

The round also saw participation from well-known public market investors such as Ramesh Damani, DSP Family Office, JM Financial Family Office, and Aashish Somaiyaa.

Dhan: Fueling Expansion and AI Integration

The newly raised capital will be deployed to scale Dhan’s operations, strengthen its technology and AI capabilities, and roll out new products targeting investing and financial distribution.

“With this investment, we’re excited to grow, innovate and double down on our focus on Dhan,” said Pravin Jadhav, founder and CEO of Raise Financial Services.

Founded in January 2021 by Jadhav, Alok Pandey, Jay Prakash Gupta, and Raunak Rathi, Raise Financial is building a technology-led financial ecosystem. Its portfolio includes:

ScanX, a market research platform offering real-time analytics for equities.

Upsurge, an investor education platform.

Filter Coffee, a media platform creating financial content for younger audiences.

Fuzz, an AI model trained on financial datasets to deliver verified insights for Indian investors.

Launched in late 2021, Dhan has amassed nearly one million active users and offers tools such as Options Trader by Dhan, Dhan Charts, and DhanHQ Trading APIs to cater to both active traders and long-term investors.

“Dhan—driven by a product-first mindset and strong technology focus—has built one of India’s leading stock trading platforms in a profitable and capital-efficient manner,” said Manoj Thakur, founder of Hornbill Capital.

Hornbill, which has tracked India’s capital market leaders for more than a decade, noted that Dhan has earned the trust of its trading community by responding quickly to user needs.

Financial Performance and Growth Outlook

Dhan’s parent company, Moneylicious Securities, reported a gross revenue of ₹379.2 crore ($45 million) in FY24, marking an eightfold increase from ₹48.4 crore in FY23. The firm also posted a net profit of ₹177.35 crore ($21.3 million), reversing a loss of ₹26.69 crore in the previous fiscal year, supported largely by higher broking income from retail clients.

Moneylicious was acquired by Raise Fintech Ventures in 2021 and now operates as a subsidiary.

“MUFG’s investment reflects the accelerating digital adoption of financial products in India,” said Shashank Joshi of MUFG. “Dhan has built customer-centric, technology-led products that deliver speed and reliability at scale.”

BEENEXT’s Hero Choudhary added that the firm’s continued support highlights confidence in Raise’s vision of building a tech-driven financial services platform.

Competition in Changing Landscape

The emergence of Dhan is in the face of a growing competition with other companies like Zerodha, Groww, and Upstox.As Groww is drawing nearer to a public listing, Dhan may seek to cut a specific niche in the digital investing landscape of India through its emphasis on AI-based insights, API-based infrastructure, and product variability.

Avendus Capital was the sole financial advisor to Raise and its investors and Veritas Legal advised on the deal.