Private Equity

PE-VC Fund Investments

Stock trading startup Dhan turns unicorn with $120-M fundraise led by Hornbill Capital

Economic Times   Dhan  

Mumbai-based Raise Financial, the parent of stock-trading startup Dhan , has closed a USD 120 million (INR 1,000 crore) financing round led by Hornbill Capital, valuing the firm at around USD 1.2 Billion (INR 10,000 crore). The round also saw participation from Mitsubishi UFJ Financial Group, BeeNext, and public-market investors such as Ramesh Damani, DSP Family Office, JM Financial Family Office and Aashish Somaiyaa, CEO of White Oak Capital.While most of the USD 120 million came in as primary capital, a small portion comprised secondary share sales by early individual backers.In 2022, Dhan had raised USD 22 million in its maiden institutional funding from Mirae Asset Venture Investments and 3one4 Capital, valuing the startup at around USD 150 million.For the financial year ending in March, Dhan is expected to post revenue of around INR 900 crore, up from INR 380 crore in the previous year. The firm reported a net profit of INR 155 crore in FY24, swinging from a loss of INR 22 crore in the preceding year.