Funding · Financial Services

Dhan raises $120M Series B at $1.2B valuation

By Startup Enthusiast · 6 October 2025

What they do

Dhan is a stockbroking and investment platform for active traders and Gen Z

It raised $120M in Series B funding led by Hornbill Capital, becoming a unicorn

The company plans to use the funds to scale its MTF book, AI stack, and omnichannel distribution

Raise Financial Services, the parent company of Dhan, raised $120M in Series B funding.
The round was led by Hornbill Capital, a Mumbai-based hedge fund.
Other participants included Mitsubishi UFJ Financial Group, Beenext, Ramesh Damani, DSP Family Office, JM Financial Family Office, and Aashish Somaiyaa.
The funding valued the company at $1.2B, making it a unicorn.
Most of the capital is primary (new money to the company), with a small secondary component from early individual backers.
The company had investment offers of nearly $1B but chose a smaller round.
Avendus Capital acted as the exclusive financial advisor, and Veritas Legal advised the company and shareholders.

The Indian broking industry is highly competitive, with rivals like Groww, Zerodha, and Angel One.
SEBI tightened F&O (futures and options) rules in October 2024, impacting ~40% of industry trading volumes linked to F&O.
Dhan has gained retail market share for 16 straight quarters and quadrupled trading volumes between FY23 and FY25.
The company is cash-flow positive and profitable, with FY24 net profit of Rs 155 crore (or Rs 177.35 crore per filings).

Dhan is a stockbroking and investment platform for active traders and Gen Z.
It offers equity, ETF, and F&O trading on NSE, BSE, and MCX.
Other products include ScanX (real-time market research), Upsurge (investor education with 250+ courses), Filter Coffee (financial media), and Fuzz (AI model for financial insights).
Dhan has about 1 million active users and a 2.13% market share of active traders as of August 2025.
Revenue for FY25 is expected to be around Rs 900 crore, up from Rs 380 crore in FY24.
The company has been cash-flow positive for nearly three years.

Scale its MTF (margin trading facility) book.
Expand omnichannel distribution.
Build its AI stack (Fuzz).
Launch new investing and distribution products, including DEXT T3 terminal for power traders and a long-term investing platform for younger users.
IPO is possibly 4-5 years away.

Hornbill Capital (lead) — Mumbai-based hedge fund that invests in listed-equity and late-stage private firms.
Mitsubishi UFJ Financial Group (participated) — Japanese financial group.
Beenext (participated) — Existing investor.
Ramesh Damani (participated) — Public-market investor.
DSP Family Office (participated)
JM Financial Family Office (participated)
Aashish Somaiyaa (participated) — CEO of White Oak Capital.