Dhan turns unicorn after $120 Mn fundraise led by Hornbill Capital

Raise Financial Services, the parent company of stockbroking platform Dhan, has joined India’s unicorn club after raising $120 million in a new funding round led by Hornbill Capital, with participation from MUFG Bank, Beenext, and several family offices and public-market investors. 

According to the company, the fresh funding came at a valuation of $1.2 billion. The company last raised $22 million in 2022 from investors including Beenext and Mirae Asset.

Dhan plans to deploy the new funds to scale its technology stack, expand its omnichannel…