Pravin Jadhav-led Dhan storms into top 10 stock broking apps

Dhan, launched by former Paytm Money executive Pravin Jadhav, has entered the top 10 list of stockbroking apps in India.

Launched in January 2021, Dhan has also knocked out Paytm Money from the top 10 list. With 1.09 crore active users in August, Groww is the market leader followed by Zerodha and AngelOne. Upstox and ICICI Direct are number 4th and 5th player with 26.62 lakh and 18.89 lakh active users, respectively.

Groww took over Zerodha in October last year and since then, it has maintained the numero uno position.

According to NSE data, Dhan had 7.4 lakh active users as of August, while Paytm Money had 7.3 lakh active users. AngelOne may surpass Zerodha in the coming months, as the listed firm had 71 lakh active users in August, compared to Zerodha 79 lakh.

One of the newest entrants PhonePe’s Share.Market is also gaining traction and currently stands at 21st spot with over 2 lakh active investors during the last month.

That said, Dhan is reportedly in talks to raise a large round. Operating under Raise Financial Services, the company last raised $22 million in January 2022.  BEENEXT, Mirae Asset, 3one4 Capital, and Rocketship.vc are its major investors.

Dhan has also been profitable from the second fiscal year of its operations. While the company is yet to disclose FY24 numbers, it turned profitable in FY21 with over Rs 7 crore profit after tax (PAT).