Raise Financial Services has raised $22 million in its Series A round led by BEENEXT and Mirae Asset Venture Investments. The financing round also saw participation from 3one4 Capital along with Rocketship.vc and angel investors including Vidit Aatrey, Sanjeev Barnwal, Amrish Rau, Sujeet Kumar, Jitendra Gupta and Sandeep Tandon.
Raise will invest $15 million in its flagship product Dhan over the next few months and plans to strengthen its product, engineering, operations and customer experience teams, said the company in a press release. Launched in November, Dhan is an investment platform for retail investors.
With new proceeds, Raise plans to set up technology-led consumer financial services across financing, insurance, investments, payments and will launch a millennial-focused product in the investing vertical.
This would pit it directly against the likes of Zerodha, Groww and Upstox.
The Mumbai-based firm was founded in January 2021 by Pravin Jadhav who previously served as the whole-time director and CEO of Paytm Money. Raise closed its seed round led by Mirae Asset in February last year. Kalyan Krishnamurthi, Sameer Nigam, Kunal Shah, Amrish Rau and Jadhav also invested in the round.
In August 2021, Raise had acquired 100% stake in Moneylicious which is a registered stockbroker. Moneylicious is a member of all stock exchanges covering segments including cash, F&O, commodities and currency and a depository participant with CDSL.
According to the company, it’s also in the process of migrating the 7,000 customers of Moneylicious to Dhan which aims to acquire a million customers within 18 months of its launch.