Stock Trading Platform Dhan Poised to Enter Unicorn Club with $100 Million Funding Round
Raise Financial Services, the parent company of popular stock investment app Dhan, is reportedly in talks to raise around $100 million in fresh funding. If successful, this round would value the fintech startup between $1.2-1.5 billion, making it the latest Indian startup to join the prestigious unicorn club.
Dhan was launched in 2021 by experienced fintech entrepreneurs Pravin Jadhav and Alok Pandey to make stock investing accessible for retail investors across India. Through its intuitive mobile and web platforms, Dhan offers a full suite of investment products including stock broking, options trading, technical analysis tools and an API for advanced traders. Since inception, the startup has rapidly expanded its offerings through the acquisitions of brokerage Moneylicious and edtech platform Upsurge.
Sources indicate Raise has mandated investment bank Avendus to handle negotiations for the new funding round, which would be the largest for the company to date. Previous investors include marquee names from India’s startup ecosystem like BEENEXT and Mirae Asset Venture Investments. The additional capital will be used to accelerate Dhan’s growth into new financial verticals like lending, payments and insurance – further cementing its position as a one-stop shop for investors.
If successful, the round values Raise at 13 times its valuation during seed funding just 18 months ago. This exponential growth reflects Dhan’s popularity among newer investors, with its user-friendly products appealing to both newcomers and experienced traders. The funding is expected to give the startup more ammunition to compete against established rivals and consolidate its leadership of India’s burgeoning retail investment market.
Stay tuned for further updates on Raise Financial’s funding progress and plans to scale Dhan into a full-service fintech platform. This latest development shows immense potential in democratizing access to India’s capital markets.