Dhan, the Mumbai-based investment and trading platform, has officially entered the unicorn club after closing a $120 million Series C funding round led by Hornbill Capital. The round also saw participation from existing backers such as BEENEXT, Blume Ventures, and new institutional investors including RTP Global and Peak XV Partners. The fundraise values Dhan at over $1.05 billion, making it one of the fastest-growing fintech startups in India’s capital markets ecosystem.
Founded in 2021 by Pravin Jadhav, Dhan has rapidly scaled its user base, product suite, and revenue streams by focusing on active traders, long-term investors, and API-based brokerage solutions. The platform offers equity, derivatives, ETFs, mutual funds, and bonds, with a strong emphasis on speed, transparency, and tech-first execution.
Dhan’s $120 Million Series C – Funding Round Breakdown
| Investor Name | Investment Type | Contribution (USD Million) | Strategic Role |
|---|---|---|---|
| Hornbill Capital | Lead Investor | $45 | Governance, global expansion |
| BEENEXT | Existing | $20 | Product scaling, retention strategy |
| Blume Ventures | Existing | $15 | Early-stage support, tech enablement |
| RTP Global | New | $20 | International market access |
| Peak XV Partners | New | $20 | Strategic partnerships, talent network |
| Total Raised | — | $120 million | — |
The fresh capital will be deployed to expand Dhan’s product offerings, strengthen its engineering and data science teams, and launch new verticals including fixed-income investing, AI-powered trading tools, and global equities. The company also plans to double its headcount to 600 by FY27 and open offices in Bengaluru and Dubai.
CEO Pravin Jadhav said, “This milestone is a validation of our mission to build India’s most trusted investment platform. We are committed to empowering every investor with world-class tools, real-time insights, and seamless execution. With this funding, we will accelerate innovation and scale responsibly.”
Dhan’s Growth Metrics – FY23 to FY25
| Metric | FY23 | FY25 (YTD) | Growth (%) | Commentary |
|---|---|---|---|---|
| Registered Users | 1.2 million | 4.8 million | +300% | Strong traction among active traders |
| Daily Active Users (DAU) | 180,000 | 520,000 | +189% | High engagement via mobile and web |
| Monthly Trading Volume | ₹18,000 crore | ₹52,000 crore | +188% | Derivatives and equity surge |
| Revenue (Annualized) | ₹110 crore | ₹320 crore | +191% | Driven by brokerage and subscriptions |
| App Rating (Play Store) | 4.6 | 4.7 | — | Consistent user satisfaction |
Dhan’s rise comes amid a broader fintech boom in India, where retail participation in capital markets has surged post-pandemic. The platform competes with Zerodha, Groww, Upstox, and Angel One, but differentiates itself through advanced charting tools, TradingView integration, and developer-friendly APIs.
Dhan vs Fintech Peers – Feature & Performance Comparison
| Platform | Valuation (USD Billion) | Monthly Trading Volume (₹ crore) | Key Differentiator | App Rating |
|---|---|---|---|---|
| Dhan | $1.05 | ₹52,000 | API-first, TradingView native | 4.7 |
| Zerodha | $3.6 | ₹120,000 | Low-cost, legacy user base | 4.3 |
| Groww | $3.0 | ₹40,000 | Mutual fund-first, mobile focus | 4.5 |
| Upstox | $2.8 | ₹35,000 | Deep discounting, marketing-led | 4.2 |
| Angel One | $2.5 | ₹38,000 | Full-service, advisory tools | 4.4 |
The unicorn milestone also positions Dhan for potential IPO readiness by FY29. The company is reportedly working with investment banks to explore listing options in India and the U.S., depending on regulatory clarity and market conditions.
In addition to retail growth, Dhan is expanding its B2B offerings through DhanHQ, a suite of APIs for fintechs, algo traders, and wealth managers. The platform enables real-time order execution, portfolio tracking, and compliance automation, with over 1,200 developers onboarded in the last 12 months.
Dhan’s Strategic Roadmap – FY26 to FY28
| Focus Area | Planned Investment | Strategic Goal |
|---|---|---|
| AI-Powered Trading Tools | ₹150 crore | Predictive analytics, sentiment scoring |
| Fixed-Income Products | ₹100 crore | Bonds, T-Bills, debt mutual funds |
| Global Equities Access | ₹75 crore | U.S., Europe, Asia market integration |
| Developer Ecosystem | ₹50 crore | Expand DhanHQ, SDKs, sandbox tools |
| Talent & Culture | ₹75 crore | Hiring, training, ESOP expansion |
Industry experts have praised Dhan’s capital-efficient growth and product-led strategy. “Dhan has built a loyal user base by focusing on depth, not just breadth. Its tech stack is scalable, and its monetization model is robust,” said a fintech analyst at Bernstein.
Social media platforms and startup forums have responded enthusiastically to the unicorn announcement, with hashtags like #DhanUnicorn, #FintechIndia, and #TradingReimagined trending across Twitter/X, LinkedIn, and YouTube. Retail investors and developers alike are celebrating the milestone as a win for India’s homegrown capital markets innovation.
Public Sentiment – Social Media Buzz on Dhan’s Unicorn Milestone
| Platform | Engagement Level | Sentiment (%) | Top Hashtags |
|---|---|---|---|
| Twitter/X | 1.3M mentions | 88% bullish | #DhanUnicorn #FintechIndia |
| 1.1M interactions | 85% strategic | #TradingReimagined #DhanHQ | |
| 950K views | 82% supportive | #DhanExplained #IndiaStartupSuccess | |
| YouTube | 870K views | 80% educational | #DhanGrowthStory #FintechExplained |
In conclusion, Dhan’s $120 million fundraise and entry into the unicorn club mark a defining moment for India’s fintech sector. With a clear roadmap, strong investor backing, and a differentiated product suite, Dhan is poised to lead the next wave of digital investing in India and beyond. As it scales operations and deepens market penetration, the platform’s focus on transparency, tech, and user empowerment will be key to sustaining its momentum.
Disclaimer: This article is based on publicly available company announcements, verified financial data, and market commentary. It does not constitute investment advice or prediction of business outcomes. Readers are advised to consult certified financial advisors and follow official updates from Dhan and regulatory bodies for accurate information.
