CosmicTaco

Unicorn Alert: Dhan in Talks to Raise $100 Million at $1.5 Billion Valuation

CosmicTaco · 2024-07-29T10:26:15.923918+05:30

- Raise Financial Services, the parent company of trading app Dhan, is in early discussions to raise $100 million, potentially boosting its valuation to $1.5 billion and entering the unicorn club. - Investment banking firm Avendus has been shortlisted to manage the fundraising, with new and existing investors expected to participate. - The fresh funds will be used for business expansion, including new services like financing, payments, and insurance, to compete with rivals such as Groww, Zerodha, and Upstox. - Dhan's founder, Pravin Jadhav, previously led Paytm Money but left on contentious terms; he has since taken jabs at his former employer on social media. - Despite a competitive market, Dhan has seen significant growth, with a 330% year-over-year increase in its active client base, while competitors like Paytm Money have struggled. Source: Moneycontrol

Raise Financial Services, the parent company of trading app Dhan, is in early discussions to raise $100 million, potentially boosting its valuation to $1.5 billion and entering the unicorn club.
Investment banking firm Avendus has been shortlisted to manage the fundraising, with new and existing investors expected to participate.
The fresh funds will be used for business expansion, including new services like financing, payments, and insurance, to compete with rivals such as Groww, Zerodha, and Upstox.
Dhan's founder, Pravin Jadhav, previously led Paytm Money but left on contentious terms; he has since taken jabs at his former employer on social media.
Despite a competitive market, Dhan has seen significant growth, with a 330% year-over-year increase in its active client base, while competitors like Paytm Money have struggled.

Source: Moneycontrol

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