Raise Financial Services, the parent company of stock broking app Dhan, has raised $120 million from Hornbill Capital, an India-focused hedge fund, and Mitsubishi UFJ Financial Group (MUFG), a leading Japanese bank, in a fresh round that values the company at $1.2 billion, a near 10X jump from a $150 million valuation in 2021.
The round, which has been in the works for over a year, and has closed at a time when the Securities and Exchange Board of India (SEBI) is tightening norms around broking and trading.
Who else participated in Dhan’s round?
Ramesh Damani, DSP Family Office, JM Financial Family Office, Aashish Somaiyaa and others co-invested in this round, the company said in a prepared statement.
Its existing investor, Beenext, also participated in the round.
Moneycontrol was first to report in July 2024 that the company was raising $100 million at a $1.5 billion valuation. In June 2025, Moneycontrol exclusively reported that Hornbill Capital, MUFG, Alpha Wave and others are infusing $200 million into the company.
What happened to talks between Alpha Wave and Dhan?
“The round had to be reduced in size as the talks between Alpha Wave and Dhan did not materialise,” a source told Moneycontrol.
Dhan's total fundraise would have been larger if Alpha Wave participated, too.
What does Dhan's Pravin Jadhav have to say on the round?
“We are humbled to have found early success and product-market fit for Dhan amongst the Indian retail trading community. 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 focussed on Investing, AI and expand into distribution of Financial Services” said Pravin Jadhav, Founder and CEO, Raise Financial Services.
“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,” said Manoj Thakur, Founder, Hornbill Capital.
What will the money be used for?
Dhan, which competes with Zerodha, IPO-bound Groww and others, will use the money to strengthen its ecosystem of financial products to ensure delivery of educational
content, financial data and deep analytics.
It owns ScanX (scanx.trade) - markets research for India with news, Screener & insights, Upsurge, a platform for learning about financial markets and filter coffee, for byte sized media
content for GenZ and millennials. Raise, the parent company, also announced - Fuzz, its AI model
trained on large-scale focussed financial datasets to deliver contextual and source-backed
insights for Indian audiences.
"We double down on Raise from (the) Accelerate fund as they expand into broader tech-driven financial services play in India,” said Hero Choudhary, Managing Partner at Beenext.
Beenext's limited partner (LP), MUFG also expects Dhan to grow further.
"Digital adoption is accelerating access to financial products in India, creating a strong
foundation for innovative platforms. Dhan has built deeply customer-centric, technology-led
products that deliver speed and reliability at scale," Shashank Joshi, Deputy CEO at MUFG India.
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