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Exclusive: Dhan delivers 45X returns to Kunal Shah, PhonePe founders and other angels

EntrackrEntrackr · 2m ago
Exclusive: Dhan delivers 45X returns to Kunal Shah, PhonePe founders and other angels
Medial

Exclusive: Dhan delivers 45X returns to Kunal Shah, PhonePe founders and other angels Fintech investing platform Dhan has facilitated early-stage exits, with several angels and early investors securing hefty returns through a secondary transaction executed alongside its ongoing Series B round, according to sources aware of the matter. “Few angels who are building competing businesses, including Cred’s Kunal Shah, Miten Sampat, and members of the PhonePe founding network, have secured a full exit, generating nearly a 45X return in under four years,” said one of the sources, requesting anonymity. “This is one of the quickest and highest-multiple exits for angel investors in fintech in recent memory,” said the source cited above. According to the sources, early backers Mirae, Beenext, and 3one4 Capital have sold part of their holdings, earning 9–10X returns within three years. The secondary component was executed in parallel with Dhan’s $120 million Series B round, led by Hornbill Capital and featuring participation from MUFG Bank, Beenext, and a pool of public-market investors and family offices. Dhan currently has $160–180 million in cash on its balance sheet, and the primary money from the Series B will also be utilised for the acquisition of Statzy and some more potential startups, the sources added. Entrackr reached out to Dhan on Thursday for comments on the secondary transaction and will update the story if they respond. Kunal Shah and Miten Sampat declined to comment. PhonePe co-founders confirmed the exit but did not comment on returns earned. We have also reached out to Beenext, 3One4 Capital, and Mirae Asset. Founded in 2021 by Pravin Jadhav, Dhan operates as a stockbroking and investment platform aimed at active traders and Gen Z investors. It offers equity, ETF, and futures and options trading across NSE, BSE, and MCX, along with integrations for smallcase, TradingView, and MoneyControl to enhance user experience. Financially, Dhan has reportedly achieved strong performance, clocking around Rs 900 crore in revenue during FY25 against Rs 380 crore in FY24, while maintaining cash-flow positivity for multiple years. Dhan joins the growing list of profitable stockbroking unicorns in India, alongside Zerodha, Groww, and Angel One.

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Dhan reports Rs 408 Cr PAT on Rs 877 Cr revenue in FY25

EntrackrEntrackr · 18d ago
Dhan reports Rs 408 Cr PAT on Rs 877 Cr revenue in FY25
Medial

Dhan reports Rs 408 Cr PAT on Rs 877 Cr revenue in FY25 Dhan posted a robust performance in FY25, with its revenue from operations surging more than 2.3X. At the same time, its profit jumped 2.6X and crossed Rs 400 crore in the last fiscal year. India’s stockbroking space continues to show strong momentum, with several platforms including Zerodha, Groww, Upstox, and Angel One reporting sustained profitability. Joining this league, stockbroking and investment platform Dhan posted a robust performance in FY25, with its revenue from operations surging more than 2.3X. At the same time, its profit jumped 2.6X and crossed Rs 400 crore in the last fiscal year. Dhan’s revenue from operations rose to Rs 877 crore year on year in the fiscal year ending March 2025 from Rs 371 crore in FY24, as per its standalone financial statements filed with the Registrar of Companies. Founded in 2021 by Pravin Jadhav, Dhan is a stockbroking and investment platform focused on active traders and young investors. It offers equity, ETF, and futures and options trading on NSE, BSE, and MCX, with integrations like smallcase and TradingView. Income from brokerage fees and commissions from equity, derivatives, and commodities trading accounted for 88% of the total operating revenue which surged 2.35X year-on-year in FY25 to Rs 769 crore. The company also reported Rs 108 crore in revenue from other operating activities, for which no detailed breakup was disclosed in its annual filings. In FY25, Dhan earned an additional Rs 10 crore from non-operating activities, including interest on fixed deposits, inter-corporate deposits, and current investments, taking its total income to Rs 887 crore. As of December 2025, Dhan had 9.8 lakh active clients with a market share of 2.2%, but it remains far behind industry leaders such as Groww and Zerodha, which had 1.21 crore and 68.5 lakh active users, respectively. Notably, Dhan’s reported its active client base at 4.69 lakh in FY24. For the stockbroking firm, commission paid to selling agents emerged as the largest cost component for the stockbroking platform, amounting to Rs 82.6 crore in FY25, nearly doubling year-on-year and forming about 24% of total expenses. Advertising was another major cost head, with Dhan spending Rs 73.6 crore during the year, nearly 2.7 times higher as compared to FY24. Employee benefit expenses followed closely, rising 66% year-on-year to Rs 73 crore in the last fiscal year. Software and technology charges for the stock broking firm also shot up over 85% to Rs 39.7 crore in the previous fiscal. Royalty cost, demat charges, legal & professional and other overheads pushed the company’s total expenses to Rs 341 crore in FY25, from Rs 175 crore in FY24. The 2.3X strong revenue growth helped Dhan to zoom its profits by 2.6X to Rs 408 crore in FY25 from Rs 159 crore in FY24. Its ROCE and EBITDA margins improved to 91.9% and 63.25%, respectively. On a unit economics basis, Dhan spent Rs 0.39 to earn a rupee of operating revenue. For context, Zerodha and Groww’s expense-to-operating-revenue ratios were recorded at Rs 0.37 and Rs 0.41, respectively during FY25. As of March 2025, the Mumbai-based firm reported cash and bank balance of Rs 1,498 crore while its current assets stood at Rs 1,911 crore. Dhan recently turned unicorn, reaching a $1.2 billion valuation after raising $120 million in a Series B round led by Hornbill Capital in October. The round also delivered strong exits for several angels and early backers, including Cred’s Kunal Shah, Miten Sampat, and members of the PhonePe founding network, with returns of nearly 45X in under four years.

Dhan appoints Angel One’s Ketan Shah as CEO of omni channel biz

EntrackrEntrackr · 5m ago
Dhan appoints Angel One’s Ketan Shah as CEO of omni channel biz
Medial

Dhan appoints Angel One’s Ketan Shah as CEO of omni-channel biz. Shah joins Dhan’s leadership team to build and scale its omni-channel business and distribution of investing and trading products and other financial services. Stock trading platform Dhan has announced the appointment of Ketan Shah as Chief Executive Officer (CEO) of Omni Channel Business. Shah brings over 25 years of rich experience in the stock broking industry, covering business, technology, distribution, revenue, and strategy. He joins Dhan’s leadership team to build and scale its omni-channel business and distribution of investing and trading products and other financial services. Before joining Dhan, Shah was a key contributor at Angel One (formerly Angel Broking) for over 25 years. He was involved in its early journey, transformation into a digital business, public market listing, and scale-up to become one of the top 3 broking platforms in India. Most recently, he served as Chief Strategy Officer and Board Member at Angel One. Headquartered in Mumbai, Raise Financial Services owns and operates several platforms, including Dhan, a stock trading platform for investors and traders; Upsurge, a platform for learning about finance and markets in India; ScanX, which provides market insights and intelligence for public market investors; and FilterCoffee, offering financial media. Founded in January 2021 by Pravin Jadhav, Alok Pandey, Jay Prakash Gupta, and Raunak Rathi, Dhan last raised $22 million in January 2022. BEENEXT, Mirae Asset, 3one4 Capital, and Rocketship.vc are its major investors. The company was reportedly in talks to raise a large round. In September last year, Dhan surpassed Paytm Money to enter the top 10 list, competing in a crowded market alongside players such as Groww, Zerodha, AngelOne, Upstox, Paytm Money, and PhonePe’s Share. As per the latest NSE data, Dhan secured the 9th spot among stock brokers in August, with a 2.15% market share and 1 million clients.

D2C Insider hosts first Super Angels Founders Day in Gurugram

EntrackrEntrackr · 9m ago
D2C Insider hosts first Super Angels Founders Day in Gurugram
Medial

D2C Insider, a community for direct-to-consumer (D2C) startups, held its first Super Angels Founders Day at UrbanWrk, Gurugram. The event brought together founders of portfolio companies, investors from the Super Angels Fund, and others from the D2C ecosystem. The event focused on the progress of Super Angels Fund I, a Rs 25 crore fund launched in the previous year. Founders from companies such as Assembly, Basil, Business on Bot, Crest, Divine Hindu, Futwork, GoOat, Pikndel, Snackible, Samosa Party, Solved Skin, and Steam Pro shared business updates and engaged with their early-stage investors. Among the investors who attended were Rohit Bansal (Snapdeal), Hitesh Dhingra (The Man Company), Sumit Baid (KeraGain), Atul Bhakta (One World Group), Mohit Garg (Assembly), along with others. A session titled “The Operator Capital Revolution” featured Rohit Bansal and Hitesh Dhingra in conversation with Abhishek Shah of D2C Insider. They discussed communication between founders and investors and the role of experienced founders in supporting newer ones. Another discussion, “From Guts to Graphs,” brought together both investors and founders to examine startup evaluation and the fundraising experience from both perspectives. D2C Insider provides funding and support to early-stage D2C startups and has a network of over 10,000 founders. The Super Angels Fund, introduced in October last year, focuses on investments in consumer-focused startups.

Gubbachhi raises pre-seed round from D2C Insider Super Angels Fund

EntrackrEntrackr · 3m ago
Gubbachhi raises pre-seed round from D2C Insider Super Angels Fund
Medial

Gubbachhi raises pre-seed round from D2C Insider Super Angels Fund Gubbachhi, a homegrown Indian toy brand, has raised an undisclosed amount in a pre-seed funding round from the D2C Insider Super Angels Fund. The proceeds will be used to strengthen operations, expand product offerings, and grow its community of Indian parents. The brand also plans to launch new product lines and deepen its online presence to reach a wider customer base. Founded in 2023 by Abhijith and Pallavi Shetty, Gubbachhi designs and manufactures India-inspired educational and cultural toys. Gubbachhi's product portfolio includes toys, puzzles, soft toys, and pretend play sets. It currently sells through its website, select online marketplaces, and limited physical retail stores. The investment comes from D2C Insider Super Angels Fund, an operator-led fund that backs early-stage consumer brands. The fund is supported by Anupam Mittal (Shaadi.com), Kunal Bahl and Rohit Bansal (Titan Capital), Hitesh Dhingra and Bhisham Bhateja (The Man Company), and other prominent D2C founders.

D2C Insider hits first close of maiden fund to back consumer startups

VCCircleVCCircle · 1y ago
D2C Insider hits first close of maiden fund to back consumer startups
Medial

- Startup enabler D2C Insider has reached the first close of its first fund for investing in early-stage consumer startups. - The Super Angels Fund has a target corpus of Rs 25 crore and has successfully hit the first close at Rs 10 crore. - D2C Insider plans to deploy the fund across 20-25 early-stage startups in the pre-seed/seed stages with average investment amounts of Rs 1 crore. - The fund has already invested in nine D2C startups including Basil, PiknDel, Samosa Party, Crest, Assembly, Futwork, The Solved Skin, Business On Bot, and Snackible. - The fund is backed by over 50 founders, including Snapdeal co-founder Kunal Bahl, with other notable backers being Aneesh Seth, Vedang Patel, Soumya Kant, and Vivek Biyani. - D2C Insider began as a community on a social networking app in 2019, and it has grown to include thousands of brand founders, enabler-founders, and investors.

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