Exclusive: Dale Vaz’s stock trading app Sahi dilutes 40% stake after Series A

Former Swiggy chief technology officer (CTO) Dale Vaz’s stock trading app Sahi recently raised $10.5 million or Rs 88.7 crore in its Series A round from Accel and Elevation Capital.

While the company did not disclose key details such as valuation and dilution, Entrackr has analysed regulatory filings to uncover this information, including round-wise breakup and shareholding structure.

The startup, which operates under Aartiya Technologies Private Limited, raised Rs 88.65 crore (around $10.5 million) through the allotment of 36,568 Series A compulsory convertible preference shares at an issue price of Rs 24,245 each, according to its filing with the Registrar of Companies (RoC).

Accel India and Elevation Capital each invested Rs 44.3 crore (approximately $5.2 million each). According to Entrackr’s estimates, Sahi was valued at Rs 514 crore or $60.5 million post-allotment in the Series A.

Following the latest allotment, Elevation Capital and Accel each hold a 20% stake in the company, while co-founders Dale Vaz and Manish Jain collectively retain 47.17%. The ESOP pool accounts for 12.41%, and notably, Swiggy co-founder and CEO Sriharsha Majety also holds a 0.10% stake in the company.

Founded in 2023 by Dale Vaz and Manish Jain, Sahi is a trading platform for stocks and options, designed for fast and easy F&O trading. It offers a chart-based interface with real-time data, open interest, technical indicators, and one-click order execution.

According to startup data intelligence platform TheKredible, Sahi has raised approximately Rs 146 crore (around $17 million) to date, including a Rs 56.5 crore seed round from Accel and Elevation in September 2023. 

Sahi operates as a registered broker on both NSE and BSE through Aartiya Broking Private Limited and had 12,632 active users as of June 2025, according to NSE data. In the fiscal year ended March 2024, Sahi reported no operating income but generated Rs 74 lakh in other income. The company posted a net loss of Rs 11.35 crore during the period.