Liquidity Events
Early investors exit stock trading platform Dhan via Series B round
Fintech investing platform Dhan , operated by Raise Financial, has facilitated early-stage exits for angels and early investors through a secondary transaction. The exits occurred in October 2025, alongside the firm’s ongoing USD 120 million Series B round led by Hornbill Capital. The Series B also saw participation from MUFG Bank, Beenext, public-market investors, and family offices.VC backers Mirae, Beenext, and 3one4 Capital sold part of their holdings, realising 9-10x returns within three years. Angel investors, including Kunal Shah, Miten Sampat, and members of the PhonePe founding team, achieved a full exit, generating approximately 45x returns in under four years.Founded in 2021 by Pravin Jadhav, Dhan operates as a stockbroking and investment platform for active traders and investors. It offers equity, ETF, and futures and options trading across NSE, BSE, and MCX, with integrations for smallcase, TradingView, and MoneyControl.The primary capital raised from the Series B round will be used for the acquisition of Statzy and other startups.
Between Feb 2021 and Oct 2025, Raise Financial had attracted about USD 155 M from Blume Ventures, Mirae Asset Global Investments, Whiteboard Capital, 3ONE4 Capital, Beenext, and others.
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