Funding · Financial Services
Dhan raises $200 million from Hornbill Capital and MUFG
By Startup Enthusiast ·
- Date
- Company
- Dhan
- What it does
- Investing and trading app
- Kind
- Funding
- Amount
- $200 million
- Stage
- late-stage
- Sector
- Financial Services
What they do
Dhan is an investing and trading app operated by Raise Financial Services
What happened
It is raising about $200 million from Hornbill Capital, MUFG, and possibly a third investor
Why it matters
The company turned profitable with FY24 revenue surging 689% to Rs 177 crore
The details
- Dhan has agreed to raise $120-150 million from Hornbill Capital and MUFG.
- The total round size is planned at about $200 million.
- A third institutional investor is being considered, with term sheets from ChrysCap, TPG, or Alpha Wave.
- Existing angel investor Harsh Jain (Dream11 CEO & co-founder) is doubling down in a personal capacity.
- The valuation is around $1.2-1.5 billion, up from about $150 million earlier.
- The funding includes primary capital and a small secondary sale component.
The bigger picture
- Dhan turned profitable with FY24 revenue surging 689% to Rs 177 crore.
- Its PAT (profit after tax) is about $40 million (Rs 340 crore).
- The company competes with Groww, Zerodha, Upstox, and other discount brokers.
About the business
- Dhan is an investing and trading app operated by Raise Financial Services.
- It competes with Groww, Zerodha, Upstox, and other discount brokers.
- FY24 revenue surged 689% to Rs 177 crore, and the company turned profitable.
What happens next
- Funds will be used for user acquisition, expansion, and new offerings in financing, payments, and insurance.
The deal
- Type
- primary + secondary
Investors
- Hornbill Capital (lead) — India-focused hedge fund.
- MUFG (lead) — Japanese bank.
- Harsh Jain (angel) — Dream11 CEO & co-founder.
Founders
- Pravin Jadhav, Founder & CEO
More on Dhan
- Dhan and Samco Securities launch US stock access for Indians13 June 2026 · Launch
- Dhan launches Gold Vault for physical gold and silver29 April 2026 · Launch
- Raise Financial acquires Infinyte Club for $13–15 million1 April 2026 · Acquisition · $10 Mn
- Dhan crosses one million users11 March 2026 · Launch
- Dhan crosses 1 million users in February 202610 March 2026 · Milestone
- Dhan reports Rs 408 crore net profit for FY253 February 2026 · Results · Rs 408 crore
- Dhan CEO comments on new tax rules for share buybacks1 February 2026 · Policy
- Dhan completes ₹50 crore ESOP buyback for employees24 December 2025 · Milestone · ₹50 Cr