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Dhan, a trading startup, is in talks to raise $100 million in funding, valuing the company at $1.2-1.5 billion.
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The fundraising will catapult Dhan into the unicorn club, making it one of the few Indian startups to achieve this milestone in 2024.
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The investment will be used to fuel Dhan’s growth and expansion in the competitive Indian stock market.
Dhan, a trading and investing app, is in early-stage talks to raise $100 million in funding, which will value the company at $1.2-1.5 billion. This will make Dhan one of the few Indian startups to achieve unicorn status in 2024. The fundraising comes at a time when the Indian stock market is touching new highs, driven by robust retail participation.
The funding round will be Dhan’s largest since its inception in 2021 and will significantly increase its valuation from around $150 million. The company competes with larger rivals such as Zerodha, Groww, and Angel One, and the new investment will help fuel its growth and expansion.
Dhan’s founder and CEO, Pravin Jadhav, declined to comment on the fundraising talks. Avendus, the investment banking firm running the fundraising mandate, also did not respond to queries. The deal underscores the fact that investors are still deploying capital in select companies, despite being cautious after the euphoria of 2021.
