Dhan Soars to Unicorn Status with $120M Funding Blitz Led by Hornbill Capital

By The Entrepreneur India Team 9 October 2025

Landmark Funding Propels Retail Trading Powerhouse

In a stellar milestone for India’s fintech scene, Raise Financial Services—the innovative force behind stockbroking disruptor Dhan—has rocketed into unicorn territory with a massive $120 million funding round. Anchored by debut investor Hornbill Capital, the infusion drew heavyweight backing from MUFG Bank, returning champion Beenext, and a consortium of influential family offices and public-market players. This capital injection catapults Dhan’s valuation to a robust $1.2 billion, a quantum leap from its previous $22 million raise in 2022, which featured Beenext and Mirae Asset among others.

Strategic Deployment for Explosive Expansion

Dhan is laser-focused on channeling this war chest into turbocharging its tech infrastructure, amplifying its omnichannel footprint, and unveiling a suite of fresh financial offerings tailored for savvy retail investors. To steer this ambitious voyage, the firm has onboarded trading veteran Ketan Shah as CEO of its omnichannel division, injecting seasoned expertise into its growth engine. As Pravin Jadhav, founder and CEO, shared, “This funding validates our vision of democratizing high-speed, tech-savvy investing for India’s dynamic young traders.”

Empowering Gen Z Traders with Cutting-Edge Tools

Since its 2021 inception under Jadhav’s leadership, Dhan has carved a niche as the go-to platform for active traders and Gen Z enthusiasts, blending seamless equity, ETF, and derivatives trading across NSE, BSE, and MCX. What sets it apart? Smart integrations with powerhouses like smallcase for thematic investing, TradingView for advanced charting, and MoneyControl for real-time insights—delivering a frictionless, data-rich experience that outpaces legacy brokers.

Robust Financial Momentum Amid Market Surge

Dhan’s ascent is no fluke, fueled by blistering financials: FY25 revenues hit Rs 900 crore, more than doubling from Rs 380 crore in FY24, all while sustaining multi-year cash-flow positivity. This resilience shines against the backdrop of India’s retail trading boom, where tech-native millennials and Gen Z are flocking to affordable, intuitive platforms amid surging market participation.

Today, Dhan stands tall among India’s elite cadre of profitable stockbroking unicorns—rubbing shoulders with trailblazers like Zerodha, Groww, and Angel One. As the ecosystem evolves, Dhan’s blend of innovation, profitability, and user-centric design positions it as a frontrunner in reshaping wealth creation for the masses.