Team StartupCity

• Early investors in Dhan secure up to 45X returns through a secondary transaction.
• Series B funding of $120 Million led by Hornbill Capital coincides with partial exits.
• Dhan posts strong revenue growth and plans strategic acquisitions to fuel expansion.

Fintech investing platform Dhan has delivered exceptional returns to its early backers, including Kunal Shah, PhonePe founders, and other angel investors. Through a secondary transaction executed alongside its ongoing Series B round, several early investors reportedly secured up to 45X returns in under four years.

Sources revealed that other investors, including Mirae Asset, Beenext, and 3one4 Capital, partially sold their holdings, earning 9-10X returns in just three years. Dhan’s $120 million Series B, led by Hornbill Capital with participation from MUFG Bank and others, provided the framework for these exits while strengthening the company’s cash position.

Founded in 2021 by Pravin Jadhav, Dhan serves as a stockbroking and investment platform targeting Gen Z and active traders. The platform supports equity, ETF, and futures trading across NSE, BSE, and MCX, with integrations like TradingView and smallcase to enhance the user experience.

Financially, Dhan has shown remarkable growth, reporting Rs 900 crore revenue in FY25, up from Rs 380 crore in FY24, while remaining cash-flow positive. With the primary funds from Series B, the company plans to acquire Statzy and explore further strategic investments.

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Dhan’s performance highlights the potential of post-pandemic fintech investments and positions it as a standout among profitable stockbroking unicorns in India, alongside Zerodha, Groww, and Angel One. As the company gears up for broader market presence, it aims to expand marketing efforts and capitalize on the growing retail trading ecosystem.