Trading Platform Dhan’s Parent Company Turns Unicorn With $120 Million Fundraise
The company’s flagship product, Dhan, was launched less than four years ago and it currently has nearly one million active users.
Mumbai-based fintech firm Raise Financial Services, the parent company of trading platform Dhan, has officially entered the unicorn club following a successful Series B funding round of $120 million.
The round was led by Hornbill Capital, with participation from global investors MUFG and BEENEXT, alongside market investors including Ramesh Damani, DSP Family Office, JM Financial Family Office, and Aashish Somaiyaa, the company said in an official release.
The latest investment pegs Raise’s valuation at $1.2 billion. The company’s flagship product, Dhan, was launched less than four years ago and it currently has nearly one million active users.
"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.
Central to Dhan’s success is its proprietary trading engine, DEXT, which processes 40% of orders in under 10 milliseconds and over 95% in under 20 milliseconds, performance benchmarks recognized by Amazon AWS as up to six times faster than industry standards, the company said in its statement. Dhan’s tools include, Dhan Charts, DhanHQ Trading APIs, and ScanX.
"Hornbill Capital has tracked and invested in leaders of India’s capital markets for over a decade. 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 said Manoj Thakur, Founder of Hornbill Capital
