Quick Take
- Dhan raises $120 million in Series C: achieving $1.2 billion valuation
- Led by Hornbill Capital: with MUFG Bank participation
- Company targets: insurance and lending expansion with AI integration
- India maintains: third-place global ranking for unicorn count
- Revenue doubled: to ₹900 crore with ₹400 crore profit in FY25
Mumbai-based fintech platform Dhan has joined India’s exclusive unicorn club after completing a $120 million Series C funding round that pushes the company’s valuation to $1.2 billion. The milestone adds another success story to India’s thriving startup ecosystem.
Hornbill Capital led the investment round, with Japan’s MUFG Bank and several family offices joining the funding alongside existing backers including BEENEXT. The substantial valuation jump reflects growing investor confidence in India’s retail trading sector and Dhan’s competitive positioning.
Three-Year Journey to Billion-Dollar Status
Since its 2021 launch by founders Pravin Jadhav, Alok Pandey, Jay Prakash Gupta, and Raunak Rathi through parent company Raise Financial Services, Dhan has carved out a significant presence in India’s crowded fintech market. The platform has built a loyal base of retail traders while offering comprehensive financial services spanning stock broking and wealth management.
The company’s financial metrics tell a compelling growth story. Revenue reached approximately ₹900 crore in FY25 while profit after tax hit ₹400 crore, more than doubling the previous year’s performance. This profitability sets Dhan apart in a landscape where many startups still chase growth over earnings.
Beyond Trading: AI and Insurance Push
Dhan executives say the fresh capital will fuel technology upgrades and power expansion into insurance and lending markets. The company recently launched Fuzz, an AI-powered financial insights platform that signals its commitment to integrating artificial intelligence into investment solutions.
This strategic shift positions Dhan to challenge established players like Zerodha, Groww, and Angel One while meeting rising demand for sophisticated financial analytics among Indian retail investors. Industry observers note the timing aligns with increasing sophistication among India’s investment community.
India’s Unicorn Count Reaches New Heights
Dhan’s achievement reinforces India’s standing as the third-largest hub for unicorns globally, bringing the country’s total to 123 companies valued above $1 billion. The milestone highlights the continued strength of India’s fintech sector, particularly in investment technology.
The company now belongs to a select group of profitable fintech firms in India, a distinction that carries added weight as investors increasingly focus on sustainable business models. As Dhan prepares to expand its financial services portfolio, company officials say they’re targeting a larger slice of India’s rapidly digitizing investment market.
The funding round demonstrates sustained investor appetite for Indian fintech companies that show clear profitability paths while serving the country’s growing digital financial services sector.
