Raise Financial Services, the parent firm behind the stock broking platform Dhan, has secured $120 million in a new funding round led by Hornbill Capital, an India-focused hedge fund, and Mitsubishi UFJ Financial Group (MUFG), one of Japan’s largest banks. The latest round values the company at $1.2 billion, officially marking its entry into the unicorn club.
Several notable investors including Ramesh Damani, DSP Family Office, JM Financial Family Office, Aashish Somaiyaa, and others also participated, the company shared in a statement. Existing investor Beenext joined the round as well.
“We are humbled to have found early success and product-market fit for Dhan amongst the Indian retail trading community. With this investment we’re excited to grow, innovate and double-down on our focus on Dhan, and at the same time introduce new products that are focussed on Investing, AI and expand into distribution of Financial Services,” said Pravin Jadhav, Founder and CEO, Raise Financial Services.
“In less than four years, Dhan – driven by a product-first mindset, strong technology focus, and relentless innovation – has built one of India’s leading stock trading platforms in a profitable and capital-efficient manner,” added Manoj Thakur, Founder, Hornbill Capital.
Dhan, which competes with Zerodha, Groww (which is IPO-bound), and other fintech players, plans to use the fresh capital to strengthen its ecosystem of financial products, focusing on educational content, financial data, and deep analytics.
The company also operates ScanX (scanx.trade), a market research platform offering news, screeners, and insights for Indian investors; Upsurge, a financial learning platform; and Filter Coffee, a content platform delivering bite-sized media for Gen Z and millennials.
Raise additionally announced the launch of Fuzz, its proprietary AI model trained on large-scale financial datasets, designed to deliver contextual and source-backed insights for Indian audiences.
“We double down on Raise from (the) Accelerate fund as they expand into broader tech-driven financial services play in India,” said Hero Choudhary, Managing Partner at Beenext.
Beenext’s limited partner (LP), MUFG, also shared confidence in Dhan’s growth potential.
“Digital adoption is accelerating access to financial products in India, creating a strong foundation for innovative platforms. Dhan has built deeply customer-centric, technology-led products that deliver speed and reliability at scale,” said Shashank Joshi, Deputy CEO, MUFG India.
