Dhan parent co Raise Financial Services joins unicorn club as it raises $120M from Hornbill, others
The round also included Ramesh Damani, DSP Family Office, JM Financial Family Office, Aashish Somaiyaa, and several other investors. Existing backer Beenext participated as well.
Stockbroking platform Dhan’s parent company, Raise Financial Services, has raised $120 million in a Series B funding round led by Hornbill Capital, an India-focused hedge fund. The round also saw participation from Mitsubishi UFG Financial Group, the Japanese banking giant, and existing backer BEENEXT.
The latest investment values the firm at about $1.2 billion, marking its entry into the unicorn club.
The round also included Ramesh Damani, DSP Family Office, JM Financial Family Office, Aashish Somaiyaa, and several other investors.
Headquartered in Mumbai, Raise Financial Services was founded in January 2021 by Pravin Jadhav, Alok Pandey, Jay Prakash Gupta, and Raunak Rathi. Apart from stock broking platform Dhan, the company’s portfolio includes ScanX, which offers market insights; and Upsurge and Filter Coffee, platforms offering financial education.
Raise recently launched Fuzz, an AI model trained on financial datasets to deliver contextual insights for Indian users.
Avendus Capital acted as the exclusive financial advisor to Raise and its investors, while Veritas Legal served as the legal advisor to the transaction.
“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. By staying deeply responsive to user feedback, Dhan has earned the trust of both traders and investors,” said Manoj Thakur, Founder of Hornbill Capital.
"Dhan has built deeply customer-centric, technology-led products that deliver speed and reliability at scale. MUFG (Mitsubishi UFJ Financial Group) is excited to back founders Pravin, Alok, Jay – leaders with extensive experience and a proven track record of building impactful products in the technology space – as they continue to strengthen their position and expand their offerings for millions of investors & traders in India,” said Shashank Joshi, Deputy CEO at MUFG India.
Edited by Swetha Kannan