Raise Financial Services Enters Unicorn Club After USD 120 Mn Series B Funding The round was led by Hornbill Capital with participation from MUFG Bank, Beenext, and several family offices and public-market investors.
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Raise Financial Services, the parent company of the stockbroking platform Dhan, has joined India's unicorn club following a Series B funding round of USD 120 million.
The round was led by Hornbill Capital with participation from MUFG Bank, BEENEXT, and several family offices and public market investors, including Ramesh Damani, DSP Family Office, JM Financial Family Office, and Aashish Somaiyaa.
This investment values the company at USD 1.2 billion, a substantial increase from its previous funding of USD 22 million in 2022.
Founded in January 2021 by Pravin Jadhav, a serial entrepreneur and former founder of Paytm Money, along with Alok Pandey, Jay Prakash Gupta, and Raunak Rathi, Raise Financial Services operates Dhan, a technology-driven investment platform. Within four years of its launch, Dhan has attracted nearly one million active users, catering to both traders and long-term investors in equities, ETFs, and futures and options across NSE, BSE, and MCX.
Dhan has developed a proprietary trading engine, DEXT, capable of processing 40 percent of orders in under ten milliseconds and more than 95 percent in under twenty milliseconds. The platform integrates with services such as smallcase, TradingView, and MoneyControl to provide an enhanced user experience. Over the years, the platform has expanded its ecosystem to include Options Trader by Dhan, Dhan Charts, DhanHQ Trading APIs, and ScanX, a market research tool.
Raise Financial Services also manages Upsurge, a financial learning platform, and Filter Coffee, which delivers bite-sized media content aimed at Gen Z and millennial audiences. Recently, the company announced Fuzz, an AI-powered tool designed to provide contextual financial insights based on large-scale, focused datasets.
The company plans to use the new capital to strengthen its technology infrastructure, expand its omnichannel presence, and introduce additional financial products for retail investors. The company recently appointed Ketan Shah as CEO of its omnichannel business and drive its next phase of growth.
The company reported revenue of approximately INR 900 crore in FY25, up from INR 380 crore in FY24, while remaining cash-flow positive over multiple years.
Avendus Capital served as the exclusive financial advisor for Raise and its investors, while Veritas Legal provided legal counsel.
With this funding round, Dhan joins a select group of profitable stockbroking firms in India, including Zerodha, Groww, and Angel One.
India currently hosts around 123 unicorns, placing it third globally after the United States and China. In 2025, India welcomed Porter, Netradyne, Drools, and Jumbotail to the coveted unicorn club.
