Dhan turns unicorn after $120 million fundraise led by Hornbill Capital
06 Oct 2025, 01:57 PMThe funding round also saw participation from MUFG Bank, Beenext (an existing investor), along with several family offices and public-market investors.
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Raise Financial Services, the parent company of stockbroking platform Dhan, has raised $120 million in a funding round led by Hornbill Capital, achieving unicorn status with a valuation of $1.2 billion.
The funding round also saw participation from MUFG Bank, Beenext (an existing investor), along with several family offices and public-market investors.
The Bengaluru-based startup will use the fresh capital to scale its technology stack, expand its omnichannel presence, and roll out new financial products for retail investors.
Dhan was founded by Pravin Jadhav in 2021. The platform operates as a stockbroking and investment platform aimed at active traders and Gen Z investors, offering equity, ETF, and futures and options trading across NSE, BSE, and MCX. It provides integrations with smallcase, TradingView, and MoneyControl to enhance user experience. The company recently appointed Ketan Shah as CEO of its omnichannel business to strengthen leadership as it gears up for its next phase of growth.
Dhan last raised $22 million in 2022 from investors including Beenext and Mirae Asset.
The stock broking space has seen a significant venture activity in the past years even as the space is crowded with broking arm of traditional banks and financial institutions. Read The Head and Tale's full report on the space here.
Last month, Groww, backed by venture capital firms Peak XV, Tiger Global and ICONIQ, filed updated draft papers for its around Rs 7,000 crore initial public offering (IPO).
In September, Flipkart infused committed $30 million into its fintech arm Supermoney, the Bloomberg reported. In July, Supermoney had said that it is entering into the stock broking space.
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