Dhan turns unicorn after $120 Mn fundraise led by Hornbill Capital

Raise Financial Services, the parent company of stockbroking platform Dhan, has joined India’s unicorn club after raising $120 million in a new funding round led by Hornbill Capital, with participation from MUFG Bank, Beenext, and several family offices and public-market investors. 

According to the company, the fresh funding came at a valuation of $1.2 billion. The company last raised $22 million in 2022 from investors including Beenext and Mirae Asset.

Dhan plans to deploy the new funds to scale its technology stack, expand its omnichannel presence, and roll out new financial products for retail investors. It recently appointed Ketan Shah as CEO of its omnichannel business to strengthen leadership as it gears up for its next phase of growth.

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.

The company has reportedly achieved strong financial 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’s rapid growth comes at a time when India’s retail trading ecosystem is witnessing heightened activity, driven by new-age investors seeking low-cost, tech-driven alternatives to traditional brokers.

With this round, Dhan joins the growing list of profitable stockbroking unicorns in India, alongside Zerodha, Groww, and Angel One.