Dhan Targets Insurance and New Financial Streams After $120 Million Funding Boost, Eyes Diversification Beyond Broking

Mumbai-based fintech platform Dhan is gearing up for a strategic pivot beyond stock broking, following its $120 million Series B funding round led by Hornbill Capital, MUFG, and BEENEXT. The newly minted unicorn, valued at $1.2 billion, now plans to enter the insurance distribution space and expand into other financial services to reduce its dependence on trading revenues, which currently account for nearly 80% of its income.

“The idea now is to build new revenue lines rather than depending on just one,” said Pravin Jadhav, founder and CEO of Raise Financial Services, which operates Dhan. Speaking at the Global Fintech Fest 2025, Jadhav emphasized that the company will not manufacture insurance products but will act as a distributor, leveraging its tech-first platform and user base.

Dhan’s Revenue Composition and Strategic Shift

Why Diversification Is Crucial Now

The Securities and Exchange Board of India (SEBI) recently tightened rules around futures and options (F&O) trading, increasing margin requirements and mandating risk disclosures. These changes have led to a sharp drop in retail trading volumes, prompting platforms like Dhan to rethink their revenue models.

“Regulatory shifts have impacted trading volumes. We’re now focused on building a broader financial ecosystem,” Jadhav added.

Dhan’s Financial Performance Snapshot

Insurance Entry: Still in Ideation Stage

While Dhan has not finalized the type of insurance products it will distribute, the company is exploring partnerships with existing insurers and insurtech platforms. The goal is to integrate insurance offerings into its existing trading and investment interface, allowing users to access protection products seamlessly.

Dhan’s Expansion Roadmap Post-Funding

Product Ecosystem and User Base

Dhan currently serves nearly 1 million active users and offers a suite of trading tools including Options Trader, Dhan Charts, and DhanHQ APIs. Its parent company, Raise Financial Services, also operates ScanX (market analytics), Upsurge (investor education), Filter Coffee (financial content), and Fuzz (AI insights).

Competitive Landscape and Market Position

Disclaimer: This news content is based on verified investor statements, company filings, and public disclosures as of October 10, 2025. It is intended for editorial use and public awareness. The information does not constitute investment advice or product endorsement and adheres to ethical journalism standards.

SEO Keywords: “Dhan $120 million funding”, “Dhan insurance diversification plan”, “Dhan unicorn valuation 2025”, “Pravin Jadhav Raise Financial Services”, “Dhan revenue breakdown FY25”, “Dhan post funding expansion roadmap”, “Dhan insurance distribution strategy”, “Dhan trading platform diversification”, “Dhan AI powered financial tools”, “Dhan ScanX Fuzz Upsurge Filter Coffee”, “Dhan vs Groww Zerodha Upstox”, “Dhan Global Fintech Fest 2025”, “Dhan SEBI trading volume impact”, “Dhan wealth advisory launch”, “Dhan fintech unicorn India 2025”