Raise Financial Services, the parent company of stock trading platform Dhan, has raised $120 million in a Series B funding round led by Hornbill Capital, per an announcement.
The Mumbai-based fintech also saw participation from MUFG and BEENEXT, alongside prominent public market investors such as Ramesh Damani, DSP Family Office, JM Financial Family Office, and Aashish Somaiyaa, among others.
With the funding, Dhan has entered the coveted unicorn club, garnering a valuation of $1.2 billion.
“With this investment, we’re excited to grow, innovate, and double down on our focus on Dhan,” said Pravin Jadhav, founder and chief executive of Raise Financial Services.
Established in January 2021, Raise is developing a comprehensive ecosystem of tech-driven financial solutions. The corpus raised will help the company scale operations, enhance technology and AI infrastructure, and launch new products aimed at investment and financial services distribution. Dhan claims to serve about 1 million active users so far.
Its portfolio features a range of platforms tailored to different aspects of investing and finance. These include ScanX, a market intelligence tool delivering real-time news, screeners, and analytics for Indian stocks; and Upsurge, an educational platform designed for retail traders and investors.
The firm also runs Filter Coffee, a media outlet that curates snackable financial content for Gen Z and millennial audiences; and Fuzz, an AI-powered model built on large financial datasets to provide reliable, context-aware insights for Indian investors and finance professionals.
Dhan counts stock broking platforms such as Zerodha, Groww, and Upstox as its competitors.
