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Pravin Jadhav-led Dhan storms into top 10 stock broking apps

EntrackrEntrackr · 10m ago
Pravin Jadhav-led Dhan storms into top 10 stock broking apps
Medial

Dhan, launched by former Paytm Money executive Pravin Jadhav, has entered the top 10 list of stockbroking apps in India. Launched in January 2021, Dhan has also knocked out Paytm Money from the top 10 list. With 1.2 crore active users in August, Groww is the market leader followed by Zerodha and AngelOne. Upstox and ICICI Direct are number 4th and 5th player with 26.62 lakh and 18.89 lakh active users, respectively. Groww took over Zerodha in October last year and since then, it has maintained the numero uno position. According to NSE data, Dhan had 740,000 (7.4 lakh) active users as of August, while Paytm Money had 730,000 (7.3 lakh) active users. AngelOne may surpass Zerodha in the coming months, as the listed firm had 710,000 (7.1 lakh) active users in August, compared to Zerodha 790,000 (7.9 lakh). One of the newest entrants PhonePe’s Share.Market is also gaining traction and currently stands at 21st spot with over 2 lakh active investors during the last month. That said, Dhan is reportedly in talks to raise a large round. Operating under Raise Financial Services, the company last raised $22 million in January 2022. BEENEXT, Mirae Asset, 3one4 Capital, and Rocketship.vc are its major investors. Dhan has also been profitable from the second fiscal year of its operations. While the company is yet to disclose FY24 numbers, it turned profitable in FY21 with over Rs 7 crore profit after tax (PAT).

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Pravin Jadhav-led Raise Financials acquires Filter Coffee

EntrackrEntrackr · 5m ago
Pravin Jadhav-led Raise Financials acquires Filter Coffee
Medial

Pravin Jadhav-led Raise Financials acquires Filter Coffee Raise Financial Services has acquired Filter Coffee, a new-age financial media startup. The latter will join the Raise Financial ecosystem, which also includes the upskilling platform Valuationary and the stockbroking app Moneylicious. “We are excited to welcome Filter Coffee and Tanvi to the Raise ecosystem. Filter Coffee is a trusted brand with a unique voice that resonates with India’s emerging investor class. We look forward to supporting their growth journey,” said Pravin Jadhav, founder and CEO of Raise Financial Services. Founded by Tanvi Raut Dessai, Filter Coffee, which boasts a subscriber base of over 20,000, provides business and financial insights. With Raise, Filter Coffee will expand its content across short-form videos and long-form storytelling, delivering fresh perspectives on India’s financial markets. The details of the transaction couldn’t be ascertained. Entrackr has reached out to Raise for more details. Raise Financial’s stockbroking app Dhan recently entered the top 10 list of stockbroking apps in India, surpassing Paytm Money. It’s worth highlighting that Jadhav was the Managing Director and CEO of Paytm Money before resigning in March 2020. As per media reports, Dhan is in talks to raise a large funding round. The company last raised $22 million in January 2022. BEENEXT, Mirae Asset, 3one4 Capital, and Rocketship.vc are its major investors.

Dhan swings to profit in FY24 with gross revenue of Rs 380 crore, up 600% year-on-year

Economic TimesEconomic Times · 9m ago
Dhan swings to profit in FY24 with gross revenue of Rs 380 crore, up 600% year-on-year
Medial

- Stock broking startup Raise Financial Services (Dhan) has reported gross revenues of Rs 380 crore for 2023-24, up 600% from the previous year. - Dhan reported a net profit of Rs 155 crore compared to a net loss of Rs 22 crore in the previous fiscal. - The company expects a 25-30% impact on its gross revenue due to recent regulatory actions on the futures and options market. - Dhan has about 740,000 active traders, making it one of the top 10 stock brokers in India in terms of active traders. - The company is in talks with potential investors to raise fresh venture funding and plans to go public in the next three to five years. - Other discount brokers like Zerodha and Groww have also performed well, with Zerodha reporting a 61% YoY jump in net profit and Groww reporting a net profit of Rs 297 crore in its broking business for the fiscal.

Groww expands lead over Zerodha with 12.59 Mn active users in October

EntrackrEntrackr · 8m ago
Groww expands lead over Zerodha with 12.59 Mn active users in October
Medial

Bengaluru-based stock broker Groww has surpassed the 1.25 crore (12.59 million) mark in active traders in October, driven by the addition of around 3.5 lakh users in a single month, according to data from the National Stock Exchange (NSE). Zerodha, Groww’s closest competitor, had approximately 80.6 lakh (8.06 million) active investors as of last month. Groww overtook Zerodha in October last year and has held the top position ever since. As per the NSE’s data, Groww has nearly doubled its user base over the past year, whereas Zerodha added just 15 lakh new users. Angel One, the third-largest stockbroker, has 75 lakh (7.53 million) active users and may surpass Zerodha in the coming months. Upstox ranked fourth, had 28.52 lakh (2.85 million) users as of last month. ICICI Direct is the fifth largest player in this space with 19.3 lakh active users (1.93 million). Dhan, launched by former Paytm Money executive Pravin Jadhav, had 8.49 lakh (0.84 million) users as of October. Dhan entered the top 10 list of stockbroking apps in India in August this year, replacing Paytm Money. INDmoney and PhonePe's Share.Market are the new entrants in the top 20 list with 6.7 lakh (0.67 million) and 2.69 lakh (0.26 million) respectively. In terms of scale, Zerodha had the highest revenue in FY24 at Rs 8,370 crore, followed by Angel One, which reported Rs 4,272 crore in revenue for the last fiscal year. Nithin Kamath’s Zerodha reported a profit of Rs 2,907 crore, while Angel One’s profits exceeded Rs 1,125 crore in FY24. Groww’s revenue from operations surged to Rs 3,145 crore in FY24. The Lalit Keshre-led company recorded a net loss of Rs 805 crore in FY24, primarily due to a one-time tax payment of Rs 1,340 crore for relocating its domicile to India. Despite this, the firm remained operationally profitable. Upstox, which posted over Rs 1,000 crore in revenue in FY23, has yet to file its annual report for FY24.

Groww widens lead over Zerodha in active users; Dhan, INDmoney surge

EntrackrEntrackr · 5m ago
Groww widens lead over Zerodha in active users; Dhan, INDmoney surge
Medial

News All Stories Groww widens lead over Zerodha in active users; Dhan, INDmoney surge Despite its dominant position, Groww's month-on-month (MoM) growth slowed slightly as the platform added only 76,135 new users in January, reflecting a 0.58% increase from December. India’s stockbroking landscape continues to see major shifts as Groww maintains its lead with 13.23 million active users, according to the latest data from January 2025. The platform now holds a 26.66% market share among the stock broking apps. Despite its dominant position, Groww's month-on-month (MoM) growth slowed slightly as the platform added only 76,135 new users in January, reflecting a 0.58% increase from December. As per media reports, the Lalit Keshre-led company is targeting a public listing in 10-12 months, with a valuation goal between $6 billion to $8 billion. Meanwhile, Zerodha, once the market leader in India’s brokerage industry, saw a decline in its user base. The discount broker ended January with 8.08 million active clients, down from 8.12 million in December. This slowdown highlights increasing competition in the sector, with users migrating to newer platforms offering more features and incentives. Angel One, the third-largest broker, also maintained strong numbers, recording 7.77 million active clients with 15.65% market share. However, its M-o-M growth remained modest at 0.18%. Other major brokers, including Upstox and ICICIdirect, continue to hold their positions but with mixed performance. While Ratan Tata-backed Upstox reported 2.86 million active users, ICICIdirect reached 1.95 million clients with a 0.13% growth. Among traditional players, HDFC Securities showed a 2.82% MoM growth whereas Kotak Securities had a marginal increase of 0.08%. Emerging broker Dhan saw one of the highest growth rates. The firm expanded its user base by 3% to 960,668 active clients. Similarly, INDmoney posted a 3.50% MoM growth. While some legacy players such as Sharekhan, Paytm Money, and 5paisa registered a decline in users, newer entrants like Share.Market grew by 6.09%, signaling a shift in investor preferences. When it comes to revenue, Zerodha is the largest player among new-age stockbroking apps, with Rs 9,372 crore in revenue and Rs 5,496 crore in profits in FY24. Groww's revenue surged to Rs 3,145 crore in FY24, while Upstox reported Rs 1,311 crore in revenue with a Rs 190 crore profit. Groww incurred losses due to a one-time tax payment for shifting its domicile.

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