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Even as investor participation is slowing down and rules around derivatives trading are tightening, Dhan has bagged its biggest round yet to enter the unicorn club.
The $120 Mn round, led by Hornbill Capital and joined by Japan’s MUFG, BEENEXT, DMart’s Ramesh Damani, DSP Family Office among others, valued Dhan at around $1.2 Bn (INR 10,000 Cr). At more than 10X its estimated FY25 revenue of around INR 900 Cr, the valuation has put the spotlight around Dhan and its parent entity Raise Financial.
Especially, when its last valuation…
