Mumbai-based stock trading platform Dhan, operated by Raise Financial Services, has officially entered the unicorn club after raising $120 million in its latest funding round. This marks a significant milestone for the fintech startup, which has rapidly grown from a small player in India’s investment technology sector to one of its most promising names. The funding round, a mix of primary and secondary capital, now values Dhan at over $1 billion, making it one of India’s newest and most profitable unicorns in the fintech space.
Big Funding and Bigger Goals
The $120 million funding round was led by Hornbill Capital and Japan’s MUFG, with active participation from existing investors such as BEENEXT, Ramesh Damani, DSP Family Office, JM Financial Family Office, and Aashish Somaiyaa of White Oak Capital. This comes just two years after Dhan’s earlier fundraising of $22 million in 2022, when it was valued at around $125 million. The latest round represents nearly a tenfold jump in valuation, reflecting the company’s strong performance and investor confidence in its long-term growth.
Founder and CEO Pravin Jadhav said that the new funds will help Dhan scale its product suite, expand its technological capabilities, and build AI-based tools to simplify investing for everyone. He also added that the company plans to introduce more products focused on wealth creation, advanced analytics, and personalized financial experiences for its users. The startup’s mission has always been to make trading simple, transparent, and accessible for every Indian investor, and this new funding round gives it the power to move even faster toward that vision.
Strong Financial Performance
Unlike many startups that focus only on expansion, Dhan has managed to grow sustainably and profitably. In FY25, the company reported a profit after tax of nearly ₹400 crore, more than doubling from ₹177 crore in the previous fiscal year. Its revenue also soared to around ₹900 crore, showing more than 2.4 times growth compared to FY24’s ₹373 crore. This financial performance underlines Dhan’s ability to balance growth with profitability—something rare in the fast-moving fintech sector.
With such numbers, Dhan has set a benchmark for fintech startups that aim to combine innovation with financial discipline. Its steady rise in both user base and earnings has also drawn attention from major institutional investors who see Dhan as a future leader in India’s digital trading market.
Innovation at the Core
Dhan offers much more than a standard trading app. It provides a complete ecosystem of tools for every type of investor—from beginners to professionals. The company operates platforms such as Dhan App, Option Trader, and DhanHQ, which cater to stock, options, and API-based trading. It has also built supporting products like ScanX for market insights, Upsurge for investor education, Filter Coffee for financial media, and Fuzz (askfuzz.ai), an AI-driven model for advanced trading queries. This wide range of products shows Dhan’s commitment to innovation and education in the world of finance.
The company’s focus on user experience, easy navigation, and educational tools helps it compete with industry leaders like Zerodha, Groww, Upstox, and Angel One. While Groww currently leads with over 12 million monthly users, Dhan’s growing base of around one million active users is quickly expanding.
A New Chapter for India’s Fintech Story
Dhan’s rise to unicorn status is not just a milestone for the company but also a strong signal for India’s broader fintech ecosystem. It highlights the strength of Indian startups that are building sustainable, profitable businesses while contributing to the country’s digital transformation. The new funding will allow Dhan to expand its reach, invest in AI and automation, and offer smarter financial solutions for millions of users.
From raising $22 million in 2022 to achieving a billion-dollar valuation in 2025, Dhan’s journey is a story of bold vision, disciplined growth, and relentless innovation. As the company prepares for its next phase, it stands as an inspiration for India’s next generation of fintech entrepreneurs—proving that success in startups is not just about speed but about building value that lasts.