Funding · Financial Services
Dhan raises $120M Series B, early angels exit
By Startup Enthusiast ·
- Date
- Company
- Dhan
- What it does
- Stockbroking and investment platform
- Kind
- Funding
- Amount
- $120M
- Stage
- Series B
- Founded
- 2021
- Sector
- Financial Services
What they do
Dhan is a stockbroking and investment platform for active traders and Gen Z investors
What happened
It raised a $120M Series B led by Hornbill Capital, with MUFG Bank and Beenext participating
Why it matters
Early angels like Kunal Shah earned ~45X returns in under 4 years, among the quickest fintech exits
The details
- Dhan raised a $120M Series B round led by Hornbill Capital.
- MUFG Bank, Beenext, and several public-market investors and family offices also participated.
- Alongside the primary round, early angels and investors sold part of their holdings in a secondary transaction.
- Angels Kunal Shah, Miten Sampat, and members of the PhonePe founding network exited fully, earning ~45X returns in under 4 years.
- Early backers Mirae Asset, Beenext, and 3one4 Capital sold part of their stakes, earning 9–10X returns in 3 years.
- The exit is described as one of the quickest and highest-multiple angel exits in fintech recently.
- Dhan now has $160–180M in cash on its balance sheet.
The bigger picture
- Dhan joins profitable Indian stockbroking unicorns like Zerodha, Groww, and Angel One.
- The company has been cash-flow positive for multiple years.
- Its revenue grew from Rs 380 crore in FY24 to ~Rs 900 crore in FY25.
About the business
- Dhan is a stockbroking and investment platform for active traders and Gen Z investors.
- It offers trading in equity, ETF, futures and options on NSE, BSE, and MCX.
- It integrates with smallcase, TradingView, and MoneyControl.
- Revenue in FY25 was ~Rs 900 crore; in FY24 it was Rs 380 crore.
- The company has been cash-flow positive for multiple years.
What happens next
- The primary Series B money will be used for the acquisition of Statzy and potential other startups.
The deal
- Type
- secondary + primary
Investors
- Hornbill Capital (lead)
- MUFG Bank (participant)
- Beenext (participant) — Also an early backer that sold part holdings.
- Kunal Shah (angel) — Founder of Cred; exited fully with ~45X return.
- Miten Sampat (angel) — Exited fully with ~45X return.
- PhonePe founding network (angel) — Exited fully with ~45X return.
- Mirae Asset (early backer) — Sold part holdings, earned 9–10X return.
- 3one4 Capital (early backer) — Sold part holdings, earned 9–10X return.
Founders
- Pravin Jadhav, Founder
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