Stock trading and investment platform Dhan, floated by Paytm Money’s former chief executive Pravin Jadhav, has launched mutual fund investment services on its platform.
The move is part of the startup’s plans to diversify its offerings and attract long-term investors. It aims to offer an execution-only service for its users to invest in mutual funds.
“Industry-wide there is a trend where market participants are increasingly getting into mutual fund investments. Secondly, we are a platform where we always said that we will focus on long-term investors and traders who understand the market. Thus, mutual funds are a natural progression for us,” Jadhav told Moneycontrol.
He further said that the country has crossed over 12.5 Cr demat accounts, with more than INR 15,000 Cr going into mutual funds each month via SIPs. So, Dhan has forayed into this vertical to meet the growing demand for mutual fund investments.
The platform has around half a million active users as of now, and around 10% of its active users have shown interest in the startup’s mutual fund investment product.
“Dhan has gathered over 30,000+ users who have signed up for early access within the past 100 days and expects to give access to these users for mutual fund investing over the next few weeks in its flagship Dhan app,” Jadhav told the publication.
During his stint with Paytm, Jadhav served as the founder, MD and CEO of Paytm Money. He left the organisation in May 2020 to launch Raise Financial Services. Dhan is a part of Raise, which focuses on trading and investment.
Incorporated in January 2021, Raise bagged seed funding from Mirae Asset Venture Investments, with participation from major angel investors, including CRED CEO Kunal Shah, Flipkart CEO Kalyan Krishnamoorthy, PhonePe founders Sameer Nigam and Rahul Chari, Pine Labs CEO Amrish Rau and Jupiter Money CEO Jitendra Gupta.
In January 2022, it raised $22 Mn in a funding round led by BEENEXT, with participation from Mirae Asset Venture, 3one4 Capital and rocketship.vc.
In August 2021, Raise Financial Services acquired Mumbai-based stock broker Moneylicious Securities and integrated it with the Dhan platform.
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