Raise Financial's Dhan hits unicorn status with $120 million funding
Dhan, the stock trading platform from Raise Financial, just raised $120 million led by Hornbill Capital, pushing its valuation to about $1.2 billion.
Big names like Mitsubishi UFJ, BeeNext, and well-known investors such as Ramesh Damani also joined in.
One million active users
Dhan lets users trade stocks, futures, and options—all in one place.
As of August 2025, it has close to one million active users.
Even after SEBI's rule changes last year caused a big drop in derivatives trading volumes, Dhan kept growing its retail market share for 16 straight quarters.
Revenue is set to hit ₹900 crore this year—more than double last year's ₹380 crore.
Plans to go public in 4 to 5 years
Started in 2021 by Pravin Jadhav, Alok Pandey, Jay Gupta, and Raunak Rathi, Dhan plans to use the new funds to expand margin trading and long-term investment products.
There's also a focus on boosting AI-powered tools and reaching more users.
An IPO could be on the cards in four to five years.