Trading platform Dhan becomes India's latest unicorn | Check details

Raise Financial, the parent company of stock-trading startup Dhan, has received funding of $120 million (Rs 1,000 crore), which raised the value of the firm to $1.2 billion (Rs 10,000 crore). This means the trading firm has become a unicorn. Japan’s Mitsubishi UFJ Financial Group (MUFG), Beenext, Ramesh Damani, DSP Family Office, JM Financial Family Office, and Aashish Somaiyaa, CEO of White Oak Capital, participatedin this round. The funding round was led by Mumbai-based hedge fund Hornbill Capital.

All you need to know about Dhan

Dhan raised funding of $22 million in 2022 from Mirae Asset Venture Investments and 3one4 Capital. The funding round increased the company's transactions to around $150 million.

In the financial year 2024, the company earned a net profit of Rs 155 crore.

The firm reportedlyhad investment offers of around $1 billion. However, it instead opted for a smaller offer.

The company's rivals are also trying to raise money. ET reported that Groww plans to raise between Rs 6,000 crore and Rs 7,000 crore through its public listing later this year, eyeing a $7-9 billion valuation.

Traders using Dhan increased to 2.13 per cent in August, marginally up from 2 per cent in June.

Dhan was founded in 2021 by Alok Pandey, Jay Gupta, and Raunak Rathi.

The company is planning to bring a DEXT T3 for power traders.

Dhan’s trading volumes quadrupled between FY23 and FY25.

The platform had 987,273 active users in August 2025. The firm's user base was 995,498 in June.

Groww, on the other hand, reported about 12 million active users in August.