Raise Financial Services, the parent company of stock-trading platform Dhan, has raised $120 million (around Rs 1,000 crore) in a Series B funding round led by Hornbill Capital, with participation from Japan’s MUFG, BEENEXT, and prominent investors including Ramesh Damani, DSP Family Office, JM Financial Family Office, and Aashish Somaiyaa. This round values Raise at $1.2 billion, marking its entry into India’s unicorn club.

Founded in 2021 by Pravin Jadhav, Alok Pandey, Jay Prakash Gupta, and Raunak Rathi, Raise is building a technology-led financial ecosystem. Its offerings include Dhan, a retail trading platform with nearly 1 million active users; ScanX, a real-time market research tool; Upsurge, an investor-education platform; Filter Coffee, a Gen Z-focused financial content hub; and Fuzz, an AI model delivering contextual insights.

The capital will be used to scale Dhan, enhance its AI stack, launch new investing and distribution products, expand margin-trading funding, and strengthen omnichannel distribution. Dhan has consistently gained market share, accounting for 2.13% of active NSE traders in August, up from 2% in June.

With FY24 gross revenue of Rs 379.2 crore and net profit of Rs 177.35 crore, Raise joins India’s profitable fintech unicorns, positioning itself for future growth and potential IPO in four to five years.