Raise Financial, the parent company behind Indian trading app Dhan, has secured US$120 million in a funding round led by Hornbill Capital, pushing its valuation to approximately US$1.2 billion. Participants in the round include Japan’s MUFG, Beenext, and several prominent family offices and public‑market investors including Ramesh Damani, DSP Family Office, JM Financial Family Office and Aashish Somaiyaa.

Dhan offers a digital brokerage and investment platform targeted at active retail traders and newer investors alike. It provides equity, ETF, and derivatives trading across Indian exchanges and integrates with third‑party tools to enhance trading and investment workflows. The firm also operates under a broader fintech umbrella, with AI and educational products in development.

With this capital infusion, Dhan plans to scale its technology stack, expand omnichannel distribution, deepen its AI capabilities, and grow its margin‑trading funding book. For advisers, platforms, and integrators, the development underscores intensifying competition in wealthtech adjacent to brokerage services, and points to deeper partnerships or challenges in integrating with trading infrastructure in markets where digital brokerage and advice converge.

Another example of the tremendous growth in Indian self-directed trading platforms. Dhan has 2-3x revenues each year for the last three years, is projected to have over US$100mm ARR this year, and is turning a profit of around US$17.5mm. And they are still nowhere near catching up with Groww. I will also point out that the valuation on the deal was 12x revenue. We expect them to head down the Robinhood path and start diversifying into advice, which is sorely needed in India.

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