Dhan Achieves Unicorn Status with $120 Million Investment Led by Hornbill Capital

Stock-trading platform Dhan has joined India’s growing list of fintech unicorns after its parent company, Raise Financial, closed a $120 million (₹1,000 crore) funding round led by Hornbill Capital, valuing the company at $1.2 billion (₹10,000 crore), as per news reports.

The milestone marks a defining moment for the Mumbai-based firm, reinforcing its growing influence in India’s evolving retail investing and technology ecosystem.

Funding and Investor Participation

The funding round drew participation from prominent names such as Japan’s Mitsubishi UFJ Financial Group (MUFG), Beenext, and market veterans, including Ramesh Damani, DSP Family Office, JM Financial Family Office, and Aashish Somaiyaa, CEO of White Oak Capital.

A major share of the $120 million came in as primary capital, while a smaller portion represented secondary share sales by early backers. “The company has been cash-flow positive for nearly three years, and we had the patience and capital to navigate the transition and give comfort to our incoming shareholders,” said Pravin Jadhav, co-founder and CEO of Raise Financial Services, as per the news reports.

Dhan’s Performance and Market Landscape

Founded in 2021 by Pravin Jadhav, Alok Pandey, Jay Gupta, and Raunak Rathi, Dhan has quickly become one of India’s most dynamic trading platforms. For FY24, it reported a revenue of ₹900 crore, up from ₹380 crore in FY23, with a net profit of ₹155 crore, a sharp reversal from a ₹22 crore loss in the previous year.

Dhan’s trading volumes quadrupled between FY23 and FY25, even as the Securities and Exchange Board of India (SEBI) tightened rules on futures and options (F&O) trading. While the new regulations have reduced speculative volumes across the industry, Dhan continued to expand its active user base, with 987,273 traders in August 2025, up from 995,498 in June, according to NSE data.

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Conclusion

With this funding, Dhan and its parent Raise Financial have cemented their place among India’s most promising fintech players. Their balanced strategy of profitable growth, AI innovation, and investor education reflects a maturing phase for the Indian stockbroking ecosystem.

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