Raise Financial Services raises $120m to fuel AI and investing innovation

By Vriti Gothi

Raise Financial Services, the parent company of stock trading platform Dhan, has raised $120 million in its Series B funding round, valuing the company at over $1.2 billion.

The funding, a mix of primary and secondary investment, was led by Hornbill Capital and Japan’s MUFG, marking a significant vote of confidence from global investors in India’s rapidly evolving digital investment ecosystem. The round also saw participation from existing backer BEENEXT, along with Ramesh Damani (DMart founder), DSP Family Office, JM Financial Family Office, and Aashish Somaiyaa (White Oak Capital).

“We are humbled to have found early success and product market fit for Dhan amongst the Indian retail trading community. With this investment, we’re excited to grow, innovate and double down on our focus on Dhan, and at the same time introduce new products that are focused on investing, AI, and the distribution of financial services,” said Pravin Jadhav, Founder and CEO of Raise Financial Services.

The latest fundraise marks Raise’s second institutional investment following its $22 million Series A round in 2022, led by BEENEXT. At that time, the company was valued at $125 million—signalling a remarkable tenfold increase in valuation within just three years.

With this milestone, Raise Financial Services joins the ranks of India’s newest unicorns of 2025, alongside Netradyne, Porter, Drools, Fireflies.ai and Jumbotail.

Its flagship offering, Dhan, serves as a comprehensive stock broking platform designed for the new generation of Indian investors, particularly those in Tier I and Tier II cities. The ecosystem includes the Dhan mobile app, Option Trader app, web platform, TradingView by Dhan, and DhanHQ API for algorithmic traders.

Raise’s broader portfolio extends to ScanX, a market research and analytics platform; Upsurge, a learning platform dedicated to financial education; and Filter Coffee, a content hub offering short-format financial media tailored for Gen Z and millennial audiences. Recently, the company introduced Fuzz (askfuzz.ai), an AI-powered platform designed for sophisticated investors and finance professionals. Trained on large-scale financial datasets, Fuzz delivers contextual, source-backed insights for the Indian market underscoring Raise’s commitment to innovation and intelligent investing.