🦄 Raise Financial Services Joins the Unicorn Club — Powering India’s Next Chapter of Investing

Raise: Where India’s Investing Story Finds Its New Benchmark

In a defining moment for India’s fintech and investing landscape, Raise Financial Services, the parent company of Dhan, has raised $120 million (₹1,000 crore) in a round led by Hornbill Capital, with participation from MUFG, Beenext, DSP Family Office, JM Financial Family Office, and White Oak Capital. The round values the company at $1.2 billion, cementing Raise’s position among India’s newest unicorns.

Founded in 2021 by Pravin Jadhav, Alok Pandey, and Jay Prakash Gupta, Raise Financial Services set out to reimagine how India invests by combining access, reliability, and transparency for a new generation of investors. 

That vision came to life through Dhan, Raise’s flagship platform for trading and investing, built to deliver a world-class experience for Indian investors.

Raise was built on a simple yet ambitious belief that investing in India should be 10x better. In a space long dominated by traditional players, that belief found expression through Dhan, which has reimagined how everyday traders and long-term investors participate in India’s capital markets through technology, speed, and trust.

From launch, the team at Raise set out to engineer a new standard for how Indians invest, trade, and build wealth online. In just four years, that vision has translated into remarkable outcomes, from scaling revenues to ₹900 crore in FY25 (up from ₹380 crore in FY24), turning profitable with ₹155 crore in FY24 after three years of cash-flow positivity, and maintaining market share gains for 16 consecutive quarters despite a changing regulatory environment.

Raise now serves nearly 950,000 active users through Dhan across equities, F&O, ETFs, and mutual funds, and defines its approach by precision, reliability, and scale. This philosophy culminated in the creation of DEXT (Dhan Exchange Trading System) – a proprietary, in-house built trading engine that unifies order, risk, and execution management into a single seamless system.

Built on Amazon Web Services (AWS), DEXT processes 95% of orders in under 25 milliseconds, making it five to six times faster than industry standards and enabling Raise, through Dhan, to handle the surges in activity that define India’s fast-paced markets.

Beyond DEXT, Raise’s ecosystem empowers investors across every stage of their financial journey through:

- ScanX: a real-time markets research and analytics platform

- Upsurge: a learning hub offering 250+ finance courses

- Filter Coffee: a content platform delivering bite-sized financial insights for Gen Z

- Fuzz: an AI model trained on large-scale financial datasets to provide contextual insights

Together, they form an integrated suite that positions Dhan as an enabler of India’s investing future.

Raise’s disciplined growth and product innovation have powered 675% revenue growth in 2024, earning global recognition for Dhan as:

- Best Broker in Asia Pacific and Best Options Trading Platform by TradingView

- Best-in-Class Fintech in Stock Trading at the Global Fintech Festival

- Deloitte Technology Fast 50 Award (Fintech Category, 2024)

3one4 Capital x Raise: A Partnership Built on Conviction

At 3one4 Capital, we’ve been proud partners in Raise’s journey since its Series A in 2022. From the outset, our conviction was clear: India’s capital markets were on the brink of transformation driven by technology, transparency, and participation.

Our belief was not only in the product but in the philosophy behind Raise  – that true financial inclusion must be matched by financial sophistication. Raise has embodied that philosophy through Dhan, combining deep market understanding with technical innovation, regulatory clarity, and disciplined execution.

Under Pravin Jadhav’s leadership, the team at Raise has built one of India’s most trusted investing platforms – scaling responsibly, staying profitable, and building enduring trust in one of the most regulated sectors of the economy. With over ₹900 crore in FY25 revenue, ₹155 crore in net profit, and three consecutive years of positive cash flow, Dhan has demonstrated that growth and governance can go hand in hand.

From our first conversations with Pravin and the team, it was evident that Dhan wasn’t just building a trading app; it was creating infrastructure for a new generation of investors. Watching the team scale with precision, purpose, and discipline while setting new benchmarks for profitability and performance has been truly inspiring.

As Raise enters the unicorn club, this milestone represents more than a valuation achievement. It reflects what long-term conviction and responsible innovation can achieve, embodying the principles that define our partnerships at 3one4 Capital.

A Milestone Built on Purpose

As India’s savings continue to shift toward financial markets, Raise and its flagship platform Dhan are redefining how a new generation of investors engages with wealth creation, from first trade to lifelong investing.

This milestone comes at a pivotal time for the industry, as SEBI tightens norms around broking and options trading. Raise’s rise in this environment underscores the strength of its compliance-first, technology-led approach, expressed through Dhan – one that prioritises trust, performance, and long-term value over short-term gains.

From our early partnership to this landmark milestone, we’ve seen the Dhan team embody the spirit of what defines India’s next fintech chapter – resilience, responsibility, and relentless innovation.

As India’s fintech landscape scales globally, Dhan’s story proves that patient capital, purposeful innovation, and principled execution build enduring companies.

Congratulations to Pravin, Alok, Jay, and the entire Raise and Dhan team on this incredible achievement. You have built not just a platform but a movement that empowers millions to invest with confidence and clarity.

Here’s to the next phase of building, learning, and leading – together.

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