Exclusive: Dhan delivers 45X returns to Kunal Shah, PhonePe founders and other angels

Fintech investing platform Dhan has facilitated early-stage exits, with several angels and early investors securing hefty returns through a secondary transaction executed alongside its ongoing Series B round, according to sources aware of the matter.

“Few angels who are building competing businesses, including Cred’s Kunal Shah, Miten Sampat, and members of the PhonePe founding network, have secured a full exit, generating nearly a 45X return in under four years,” said one of the sources, requesting anonymity.

“This is one of the quickest and highest-multiple exits for angel investors in fintech in recent memory,” said the source cited above.

According to the sources, early backers Mirae, Beenext, and 3one4 Capital have sold part of their holdings, earning 9–10X returns within three years. The secondary component was executed in parallel with Dhan’s $120 million Series B round, led by Hornbill Capital and featuring participation from MUFG Bank, Beenext, and a pool of public-market investors and family offices.

Dhan currently has $160–180 million in cash on its balance sheet, and the primary money from the Series B will also be utilised for the acquisition of Statzy and some more potential startups, the sources added.

Entrackr reached out to Dhan on Thursday for comments on the secondary transaction and will update the story if they respond. Kunal Shah and Miten Sampat declined to comment. PhonePe co-founders confirmed the exit but did not comment on returns earned. We have also reached out to Beenext, 3One4 Capital, and Mirae Asset.

Founded in 2021 by Pravin Jadhav, Dhan operates as a stockbroking and investment platform aimed at active traders and Gen Z investors. It offers equity, ETF, and futures and options trading across NSE, BSE, and MCX, along with integrations for smallcase, TradingView, and MoneyControl to enhance user experience.

Financially, Dhan has reportedly achieved strong performance, clocking around Rs 900 crore in revenue during FY25 against Rs 380 crore in FY24, while maintaining cash-flow positivity for multiple years. Dhan joins the growing list of profitable stockbroking unicorns in India, alongside Zerodha, Groww, and Angel One.

The Dhan story is a welcome development for investors that bet big on Fintech post-pandemic, only to see mixed results. Buoyed by innovations and a rising investor base thanks to a long bull market, Dhan has emerged as a standout on returns. However, even as it rewards early backers, the next part of the journey promises to be  far tougher, which perhaps explains the need to look at more institutional backing over early individuals and smaller entities. Immediate growth for one might become a casualty of the extended weakness seen in the small cap and mid cap space,   the small investors favourite hangout.

Newly listed Groww continues to impress with its speed, while the original OG Zerodha remains a pillar with carefully planned fresh offerings. The good news is that banks continue to flounder when it comes to making their broking outfits work, giving Dhan enough space to believe in a future that will continue to offer growth and rewards. The next phase will see a lot more visible marketing and noise, and Dhan aims to break away in the clutter of stockbroking firms.