Raise Financial Services, the entity behind India’s prominent stock trading platform Dhan, has successfully concluded a $120 million Series B funding round, propelling the company into unicorn territory with a valuation of $1.2 billion. This achievement positions Dhan as India’s sixth unicorn in 2025, underscoring the robust growth trajectory of the country’s fintech sector.
The funding round witnessed leadership from Hornbill Capital and Japan’s MUFG Bank, reflecting strong international confidence in India’s digital trading ecosystem. The capital infusion marks a significant milestone for the company, which was established in 2021 by entrepreneurs Pravin Jadhav, Jay Prakash Gupta, and Alok Pandey.
Exceptional Financial Performance
Dhan’s financial metrics demonstrate remarkable operational efficiency and market penetration. The company reported a profit after tax of approximately INR 400 crore for FY25, representing more than double the INR 177 crore recorded in FY24. This profitability achievement, coupled with revenues reaching around INR 900 crore in FY25, distinguishes Dhan in an increasingly competitive marketplace where many platforms still struggle to achieve sustainable profitability.
Strategic Market Positioning
Operating primarily in Tier I and II Indian cities, Dhan has carved a distinctive niche in the retail trading segment. The platform competes with established industry leaders including Zerodha, Groww, and Angel One, yet has managed to differentiate itself through user centric features and technological innovation that resonate with emerging investors.
Future Growth Initiatives
The freshly acquired capital will be strategically allocated toward several key initiatives. The company plans to enhance its trading product portfolio, integrate artificial intelligence capabilities for improved user experience, and expand its financial services distribution network. These investments align with Dhan’s vision of democratizing wealth creation for Indian investors and position it favorably to capture expanding market opportunities in India’s evolving financial services sector.
