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Dhan

Category: AI in Fintech

Dhan is a technology-led online stock trading and investing platform in India, built for super traders and long-term investors. Dhan was founded in 2021. The company is led by Pravin Jadhav. Based in Mumbai, Maharashtra, India. Team size: 201-500. Total funding raised: Approximately $142 million (Seed undisclosed + $22M Series A + $120M Series B). Latest round: Series B, $120.0M, 2025-10, led by Hornbill Capital. Key investors include Hornbill Capital, MUFG, BEENEXT, 3one4 Capital, Mirae Asset Venture Investments, Ramesh Damani, DSP Family Office, JM Financial Family Office, Aashish Somaiyaa, CRED founder Kunal Shah, Flipkart CEO Kalyan Krishnamoorthy, PhonePe cofounders Sameer Nigam and Rahul Chari.

Founded
2021
Headquarters
Mumbai, Maharashtra, India
Team size
201-500
Total funding
Approximately $142 million (Seed undisclosed + $22M Series A + $120M Series B)

Value proposition

Dhan offers a fast, technology-driven, and user-friendly platform with a 'user-first' policy, which includes no spam calls or promotional messages, and provides a comprehensive suite of trading and investment tools.

Products and solutions

Equity and F&O Trading, Commodity and Currency Trading, Mutual Funds, ETFs (Exchange Traded Funds), IPOs (Initial Public Offerings), Stock SIPs (Systematic Investment Plans), Algo Trading via DhanHQ APIs, Fuzz AI (AI-powered financial research assistant), Artham (7B-parameter SLM for Indian capital markets), DEXT T3 Trading Terminal, Gold Vault (gold/silver investing)

Unique value

Dhan's uniqueness lies in its sharp focus on the user experience for traders and investors, with a commitment to a 'no-spam' policy. They are also known for their rapid feature development and deployment, catering specifically to the needs of their target audience.

Target customer

The platform targets both active traders ('super traders') who require advanced features and long-term investors looking for a seamless investment experience.

Industries served

Financial Services, Fintech

Technology advantage

Dhan's key advantage is its robust, scalable, and secure technology infrastructure built on Amazon Web Services (AWS), which enables lightning-fast trading and a seamless user experience. Their business advantage comes from their deep understanding of the Indian market, led by a team with prior experience in building successful fintech products.

How they differentiate

Dhan differentiates itself by focusing on providing a technologically advanced and user-friendly platform for super traders and long-term investors. They emphasize a superior product experience and customer service, with features tailored to active traders.

Main competitors

Zerodha, Groww, Angel One, Upstox

Key partnerships

Amazon Web Services (AWS) for cloud infrastructure, AWS ProServe — co-unveiled Artham SLM at AWS re:Invent 2025

Notable customers

1 million+ active users (as of Aug 2025), Ranked 9th among NSE stock brokers by market share

Major milestones

Became profitable in the fiscal year 2024., Achieved unicorn status with $120M Series B at $1.2B valuation (Oct 2025)., Launched mutual fund distribution services., Launched Fuzz AI, an agentic AI financial research assistant (Aug 2025)., Launched Artham, a 7B-parameter SLM for Indian capital markets (Dec 2025)., Launched DEXT T3 trading terminal for super traders., Parent Raise Financial acquired algo-trading platform Stratzy (Apr 2026).

Growth metrics

Reported its first profit of Rs 155 crore in FY24, with a 600% year-on-year revenue growth. Estimated ~Rs 900 crore revenue in FY25 (up from Rs 380 crore in FY24). 1M+ active users, 4.7 Play Store rating.

Market positioning

Dhan is positioned as a rapidly growing online brokerage firm in India, competing with established players. It has gained significant traction by targeting frequent traders and experienced investors, and achieved unicorn status in October 2025 with a $1.2B valuation. It ranked 9th among NSE stock brokers with 2.15% market share as of Aug 2025.

Geographic focus

India

Patents and IP

Information not publicly available.

About Pravin Jadhav

Over a decade in fintech; former MD & CEO of Paytm Money (2017-2020); led product growth and innovation for retail investment platforms; extensive leadership in trading technologies and financial services.

Official website: