Overview

• The Series B was led by Hornbill Capital with participation from MUFG and existing backers, and it combined primary funding with secondary share sales.
• Raise reported FY25 profit after tax of about INR 400 crore on revenue near INR 900 crore, showing strong year-over-year gains.
• Founder and CEO Pravin Jadhav said the capital will accelerate Dhan’s growth along with new offerings focused on investing, AI and broader distribution.
• The company’s portfolio includes the Dhan trading apps plus analytics and education products such as ScanX, Upsurge and Filter Coffee, as well as a newly launched financial AI model called Fuzz.
• Dhan remains smaller than rivals Groww, Zerodha and Angel One, with roughly 1 million active users compared with about 12 million on Groww.