Unicorn Alert: Dhan in Talks to Raise $100 Million at $1.5 Billion Valuation

• Raise Financial Services, the parent company of trading app Dhan, is in early discussions to raise $100 million, potentially boosting its valuation to $1.5 billion and entering the unicorn club.
• Investment banking firm Avendus has been shortlisted to manage the fundraising, with new and existing investors expected to participate.
• The fresh funds will be used for business expansion, including new services like financing, payments, and insurance, to compete with rivals such as Groww, Zerodha, and Upstox.
• Dhan's founder, Pravin Jadhav, previously led Paytm Money but left on contentious terms; he has since taken jabs at his former employer on social media.
• Despite a competitive market, Dhan has seen significant growth, with a 330% year-over-year increase in its active client base, while competitors like Paytm Money have struggled.

Source: Moneycontrol