Dhan Set to Hit Unicorn Status with $200M Raise

Indian investment and stock trading platform Dhan is poised to become the country’s next unicorn as it finalizes a funding round of $190–$200 million. Led by ChrysCapital, the round is expected to value the company at $1.1 billion. The investment is joined by Alpha Wave, MUFG (Mitsubishi UFJ Financial Group), the Bharti Group family office, and Harsh Jain, founder of Dream11.

Founded in 2021 by Pravin Jadhav, former CEO of Paytm Money, Dhan has rapidly gained traction by focusing on high-frequency and professional traders. The company recently turned profitable, reporting a net profit of ₹155 crore in FY24—marking a sharp turnaround from a ₹22 crore loss the previous year. Revenue surged to ₹380 crore, up nearly 7x year-over-year, with annual recurring revenue now at ₹1,000 crore.

With over 900,000 active traders as of April 2025, Dhan has expanded its user base significantly, adding 231,000 new users in just seven months—even as other platforms saw a slowdown. The platform’s tech-first approach and focus on “power users” have created a sticky, engaged customer base.

The timing of the raise is crucial. The Securities and Exchange Board of India (SEBI) recently tightened rules for futures and options (F&O) trading—posing challenges for many brokers who rely heavily on this segment. However, Dhan’s emphasis on serious traders may help shield it from the worst of the revenue impact, which analysts believe could hit up to 30% of income for larger players.

India’s retail investment scene is booming. Demat accounts have skyrocketed from 40 million to 150 million over four years, with most new investors under 35 and using mobile-first trading platforms. Dhan has stood out by combining slick user experience with professional-grade tools, appealing to both newcomers and seasoned traders.

Operating in a competitive market that includes Groww, Zerodha, and Angel One, Dhan has managed to carve out a niche. Its valuation is set to grow more than 9x since its last funding round in 2022, where it raised $22 million from Mirae Asset Venture, Beenext, and 3One4 Capital.

Looking ahead, there are rumors that Google and Amazon may explore investment in a follow-on round. Existing investors like Beenext and Mirae may also increase their stakes, reflecting long-term confidence in the company’s growth potential.

With this new capital, Dhan aims to scale its platform, deepen its tech stack, and expand its influence in India’s fast-evolving investment landscape. Its unicorn status will mark a major milestone—not just for the company, but for India’s next wave of fintech innovation.