Raise Financial Services, the parent of stock-trading startup Dhan, has raised $120 million in a Series B funding round led by Hornbill Capital. The round values the Mumbai-based fintech at $1.2 billion, marking its entry into the unicorn club.
The round also saw participation from Japan’s Mitsubishi UFJ Financial Group (MUFG), Beenext, and public-market investors such as Ramesh Damani, DSP Family Office, JM Financial Family Office and Aashish Somaiyaa, CEO of White Oak Capital.
The fresh funds raised will be used to scale its technology and AI capabilities, and introduce new products focused on investing and distribution of financial services.
Founded in January 2021 by Jadhav along with Alok Pandey, Jay Prakash Gupta, and Raunak Rathi, 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.
Its portfolio includes ScanX, a markets research platform that offers real-time news, screeners, and analytics for Indian equities; Upsurge, an education platform for retail investors and traders; Filter Coffee, a media platform offering bite-sized financial content for Gen Z and millennials; and Fuzz, an AI model trained on large-scale financial datasets to deliver contextual, verified insights for Indian investors and professionals.
Raise is backed by Hornbill Capital, Mirae Asset Venture Investments, MUFG, BEENEXT, and 3one4 Capital, along with several leading Indian startup founders and technology entrepreneurs.
Pravin Jadhav, Founder and CEO, Raise Financial Services, said, “With this investment, we’re excited to grow, innovate and double down on our focus on Dhan, and at the same time introduce new products that are focused on Investing, AI and expand into distribution of Financial Services.”
Manoj Thakur, Founder of Hornbill Capital, said, “In less than four years, Dhan–driven by a product-first mindset, strong technology focus, and relentless innovation–has built one of India’s leading stock trading platforms in a profitable and capital-efficient manner. By staying deeply responsive to user feedback, Dhan has earned the trust of both traders and investors.”
Shashank Joshi, Deputy CEO at MUFG India, said, “Dhan has built deeply customer-centric, technology-led products that deliver speed and reliability at scale. MUFG (Mitsubishi UFJ Financial Group) is excited to back founders Pravin, Alok, Jay – leaders with extensive experience and a proven track record of building impactful products in the technology space – as they continue to strengthen their position and expand their offerings for millions of investors & traders in India.”
