India’s fintech and investing landscape just got richer — Dhan , the stock trading & investment app under Raise Financial , has officially turned unicorn with the closure of a $120 million funding round led by Hornbill Capital .
This win not only cements Dhan’s rise, but signals a maturing phase for Indian neobrokers and investment tech platforms.
The $120M round was anchored by Hornbill Capital .
Other prominent participants include MUFG (Mitsubishi UFJ Financial Group), Beenext , and marquee public-market investors like Ramesh Damani , DSP Family Office , JM Financial Family Office , and Aashish Somaiyaa .
Post-round valuation: ~$1.2 billion (~₹10,000 crore).
Dhan is a stock trading and investment platform meant especially for Gen Z and new investors .
Its strengths include:
Early days : Dhan began as an ambitious fintech play trying to democratize access to markets.
It competed in a crowded, competitive space (Zerodha, Groww, etc.), needing clear differentiation.
Trust and regulation were key challenges — in finance, users are cautious, so compliance, data security, and transparency had to be solid.
Dhan pushed hard on tech, UI/UX, content & education — helping first-time investors feel confident.
The multiple product verticals (ScanX, Upsurge) helped diversify engagement and reduce dependency on just trading fees.
Over time, the brand built strong investor confidence — attracting not just VC money but heavyweight institutional, public-market, and family-office investors.
In FY24, Dhan was projected to generate ~₹900 crore in revenue, up from ₹380 crore a year earlier. They turned around from a loss situation in FY23 to registering profits of ₹155 crore in FY24.
Youth-first design & narrative — speaks the language of Gen Z and millennial investors.
Ecosystem approach — not just trading, but research, learning & content blended.
High investor confidence — backing from Hornbill, MUFG, Beenext, and public-market stalwarts.
Scalable & modular product architecture — allows incremental feature expansion across finance domains.
With this funding and unicorn valuation, Dhan plans to:
The fintech space still has room for innovation — even in crowded verticals — if you nail UX + trust + ecosystem.
Investors now value sustainable growth, diversified product models, and defensible moats (not just user growth).
Backing from global institutions (MUFG) and public-market veterans shows belief that Indian fintechs can scale globally.
Dhan’s journey from startup to unicorn is a powerful signal: Indian fintech is leveling up. With $120 million in fresh capital and a valuation touching $1.2 billion, Dhan is now a name to watch — not just as a stock trading app, but as a broader finance ecosystem builder.
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