Raise Unveils India’s New Multi-Asset Trading Platform, Dhan

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The company expects the $15 million investment in Dhan to pay off as the trading platform could grow its user base to one million over the next 15 months.

Raise Financial Services has raised $22 million in a Series A funding round, of which $15 million will be used to fuel the development and expansion of its trading platform, Dhan.

Founded by former Paytm Money CEO Pravin Jadhav in January 2021, Raise owns and operates Dhan, a stock trading platform that rivals Groww, Zerodha and Upstox.

In August 2021, Raise acquired Mumbai-based brokerage firm and SEBI-registered firm, Moneylicious Securities, which enabled Raise to obtain the necessary licenses to become an integrated online securities broker offering transactions on all stock exchanges (BSE, NSE, MCX).

Raise uses the acquired permissions to set up Dhan as a multi-asset trading platform with an offering covering all segments: stocks, exchange-traded funds, futures, options, currencies and commodities.

In December 2021, Dhan partnered with US-based charting platform TradingView to allow users to trade directly via stock, options and futures charts for equity, commodity and stock indices. FX.

The $15 million investment will strengthen Dhan’s product, engineering, operations and customer experience teams, as well as expand the product line to include financing, insurance, investments, payments and wealth management.

Dhan plans to bolster its wealth management offering to include HNI, insurance, payments, mutual funds, loans and card products.

Pravin Jadhav, Managing Director of Raise Financial Services, said, “We are delighted to find a suitable product market for our first product – Dhan among retail investors and super traders. With this funding, we plan to launch our second product in the investment industry – which is designed for new investors, Millennials and Gen Z.”

The fundraising was led by BEENEXT and its existing investor Mirae Asset Venture Investments, and saw participation from 3one4 Capital, Rocketship.vc and angel investors such as Meesho co-founders Vidit Aatrey and Sanjeev Barnwal, the Pine Labs CEO Amrish Rau, Udaan co-founder Sujeet Kumar, founder of neo-banking platform Jupiter Jitendra Gupta, and Sandeep Tandon of Whiteboard Capital.

Hero Choudhary, Managing Partner, BEENEXT, said: “We have been closely monitoring the participation of individuals in the stock markets in India over the past 24 months. This investment and trading dynamic is irreversible, we expect exponential growth. We are convinced that the next market leader will be a platform like Dhan.

Ashish Dave, Managing Partner and CEO of Mirae Asset Venture Investments, said, “In a very competitive market, Dhan already has 100,000 users who have switched from other investment platforms to Dhan. Retail investment in India is only set to grow from here and Dhan with its offerings should be the platform of choice.

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