Dhan has raised a total of $120 million across multiple funding rounds, including a $120 million Series B round in 2025 led by Hornbill Capital, which achieved a valuation of $1.2 billion and marked its entry into the unicorn club. The Mumbai-based fintech platform, operated by Raise Financial Services, offers technology-driven stock trading solutions and AI-powered financial tools. With nearly 1 million active users and a workforce of 101–250 employees, Dhan provides investment solutions, trading APIs, and educational platforms to retail and professional investors in India.
Keep reading to explore Dhan’s funding journey, key investors, and what’s next for this innovative fintech platform.
What Is Dhan and What Does It Do?
Founded in January 2021 by Pravin Jadhav, Alok Pandey, Jay Prakash Gupta, and Raunak Rathi, Dhan is headquartered in Mumbai, Maharashtra, India. The platform specializes in AI-driven stock trading and investment solutions, offering tools such as Options Trader by Dhan, Dhan Charts, and DhanHQ Trading APIs to cater to both retail and professional investors.
Dhan also operates several ancillary platforms under Raise Financial Services, including ScanX, which provides real-time market research, news, and analytics for Indian equities; Upsurge, a retail investor education platform; Filter Coffee, a media platform delivering bite-sized financial content for Gen Z and millennials; and Fuzz, an AI model trained to deliver contextual, verified insights for investors.
With a product-first approach and strong technology focus, Dhan supports traders with scalable, reliable, and customer-centric financial services.
How Much Funding Has Dhan Raised?
- Series B
- Amount Raised: $120M
- Date: March 2025
- Lead Investors: Hornbill Capital
- Other Participants: MUFG, BEENEXT, Mirae Asset Venture Investments, 3one4 Capital, Ramesh Damani, DSP Family Office, JM Financial Family Office, Aashish Somaiyaa
- Valuation at Round: $1.2B
- Motivation: To scale Dhan, strengthen technology and AI capabilities, and launch new investment and distribution products.
Total Funding Raised: $120M
Latest Funding Date: March 2025
Current Valuation: $1.2B
Key Investors
- Hornbill Capital
- Details: Growth-focused investment firm tracking leaders in India’s capital markets.
- Investment Focus Areas: Fintech, capital markets
- Notable Investments: Dhan
- MUFG (Mitsubishi UFJ Financial Group)
- Details: Japanese banking and financial services group investing in fintech growth globally.
- Investment Focus Areas: Banking, fintech, digital adoption
- BEENEXT
- Details: Early-stage venture fund investing in technology-driven companies in Asia.
- Investment Focus Areas: Fintech, SaaS, consumer tech
- Notable Investments: Raise Financial Services, other early-stage tech startups
- Mirae Asset Venture Investments
- Details: Venture capital arm of Mirae Asset focusing on high-growth startups.
- Investment Focus Areas: Fintech, consumer technology
- 3one4 Capital
- Details: Early-stage venture fund backing Indian technology startups.
- Investment Focus Areas: Fintech, SaaS, enterprise software
Where Is Dhan’s Headquarters?
Dhan is headquartered in Mumbai, Maharashtra, India, providing access to India’s leading financial markets, fintech talent, and a growing retail investor base.
What’s Next for Dhan?
With a $1.2 billion valuation and $120 million in Series B funding, Dhan plans to scale its platform, strengthen AI and technology capabilities, and launch new financial products. Expansion efforts include broadening its retail and professional user base, as well as enhancing offerings such as ScanX, Upsurge, Filter Coffee, and Fuzz.
Challenges include competition from platforms such as Zerodha, Groww, and Upstox, while opportunities lie in India’s rapidly growing digital investment landscape and the increasing adoption of tech-enabled financial services.
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