Dhan becomes unicorn with $120 Mn funding round from Hornbill

Stockbroking platform Dhan’s parent company, Raise Financial Services, has raised $120 million (about INR 1,065 Cr) in a Series B funding round led by Hornbill Capital.

Other investors including Mitsubishi UFG Financial Group, the Japanese banking giant, and existing backer BEENEXT, also participated in this round.

The latest funding values the company at around $1.2 billion, officially making it a unicorn.

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Notably, Avendus Capital served as the exclusive financial advisor for the deal. This is Dhan’s second institutional fundraise, following a $22 million round led by BEENEXT in 2022, when the startup was valued at $125 million—representing nearly a 10× increase in valuation.

“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. By staying deeply responsive to user feedback, Dhan has earned the trust of both traders and investors,” said Manoj Thakur, Founder of Hornbill Capital.

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"Dhan has built deeply customer-centric, technology-led products that deliver speed and reliability at scale. MUFG (Mitsubishi UFJ Financial Group) is excited to back founders Pravin, Alok, Jay – leaders with extensive experience and a proven track record of building impactful products in the technology space – as they continue to strengthen their position and expand their offerings for millions of investors & traders in India,” said Shashank Joshi, Deputy CEO at MUFG India.

About Dhan 

Founded in 2021 by Pravin Jadhav, Jay Prakash Gupta and Alok Pandey, Mumbai-based Dhan provides a range of financial services in stock broking, focusing on users in Tier I and II Indian cities. 

Its offerings include the Dhan stock broking app, Option Trader app, Dhan Web platform, TradingView by Dhan, and a trader-focused API platform, DhanHQ API.

Financially, Dhan posted a PAT of approximately ₹400 crore in FY25, more than double the ₹177 crore recorded in its first profitable year, FY24. Its revenue also surged to around ₹900 crore, a 2.4× increase from the previous fiscal. 

The startup operates in India’s fast-growing investment tech market, serving millions of online brokerage users monthly.

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