Dhan, an online stock trading and investment platform headquartered in Mumbai, is in talks to raise a $190-200 million funding round from a host of foreign and domestic investors, according to a report by The Economic Times.
The round will be led by homegrown PE giant ChrysCapital, with the participation of foreign players such as Alpha Wave and Mitsubishi UFJ Financial Group (MUFG).
Separately, the family office of Bharti Group chairman Sunil Mittal is also set to join the funding round along with existing investor Harsh Jain, founder of fantasy sports platform Dream 11, indicating that the proposed funding could turn Dhan into a unicorn.
Dhan is a platform for traders and investors to access stocks, options, futures, commodities, ETFs, mutual funds, and more. It claims to have had as many as 971,000 active traders as of March 2025.
Dhan’s proposed funding round coincides with Groww, India’s leading stockbroker by active clients, preparing to make its public market debut. The latter is said to have filed its draft initial public offering (IPO) papers with the Securities and Exchange Board of India (Sebi) under the confidential pre-filing mechanism.
While the IPO size was not disclosed, Groww is reportedly looking to raise between $700 million and $1 billion via the public issue of shares, involving a 10% equity dilution. The offering will include both a fresh issue of shares and an offer-for-sale component.
Dhan’s net profit is said to have touched Rs 155 crore in FY24, against a loss of Rs 22 crore in FY2023. Meanwhile, its revenue was Rs 380 crore in FY2024, which marked a 600% jump from Rs 54.2 crore in FY2023, the ET report stated.
