Is Raise Financial Services (Dhan) profitable in 2026?

Yes. Dhan's operating entity Moneylicious Securities posted a net profit of Rs177.35 crore (about $21.3M) in FY24, reversing a Rs26.69 crore loss in FY23, per filings reported October 5, 2025. No FY26 loss has been disclosed.

Who owns Raise Financial Services, the company behind Dhan?

It is privately held, founded in 2021 by ex-Paytm Money CEO Pravin Jadhav with Alok Pandey and Jay Prakash Gupta. It became a unicorn after a $120M Series B in October 2025 led by Hornbill Capital, with MUFG Bank and BEENEXT participating, at a $1.2 billion valuation.

Could AI replace Dhan's brokerage business?

No. Placing trades and holding client funds requires SEBI broker registration and NSE/BSE exchange membership, which no AI model can obtain. Dhan uses AI (Fuzz, Artham) as a feature layer for research and support, not as a replacement for its licensed brokerage core, as of 2026.

Who is Dhan's biggest competitor?

Groww, which held about 28.7% of NSE active client share versus Dhan's roughly 2.36% as of June 2026, and was pursuing a roughly Rs7,000 crore ($840M) IPO. Zerodha (~15%) and Angel One (~14.6%) are also larger rivals under the same regulatory regime.

How fast is Dhan growing compared to other Indian brokers?

Dhan's NSE market share rose from 1.98% to 2.27% in FY26 while larger discount brokers Zerodha, Angel One and Upstox all lost share, per a July 27, 2026 Businessworld report. Dhan ranked 9th nationally with about 1.07 million active clients by June 2026.

What is Dhan's current valuation?

Raise Financial Services, Dhan's parent, was valued at $1.2 billion after a $120 million Series B announced October 5, 2025, led by Hornbill Capital with MUFG Bank and BEENEXT, up from roughly $150M in mid-2024.

India · India

Raise Financial Services

Dhan is a fast-growing Indian discount broker built for active traders and algo/API users.

Losing its protection

Assessed 29 July 2026 · Evidence as of 29 July 2026

The structural protection is eroding.

On the recordSince 29 July 2026 · Checkable from 2026 · Every call on the record Checkpoint: Groww's IPO listing and how it deploys proceeds into active-trader tooling

The call

Dhan is profitable and taking share from bigger, equally-licensed brokers, but nothing it does can't be copied by Groww, Zerodha, or Angel One.

Raise Financial Services, which operates under the brand Dhan, is an Indian brokerage firm that helps people trade stocks and other securities. It has built a faster platform and better tools for traders than some competitors, but these features are not truly difficult to copy. Larger brokers like Zerodha and Groww have the same government licenses, more customers, and more money to spend, so they could replicate Dhan's advantages fairly quickly. The real question is whether Dhan can become the go-to platform for professional traders and automated trading systems in India, which would lock in its position in a way that features alone cannot.

Why

AI pressure: None apparent. AI cannot get SEBI broker registration or exchange membership, so it can't replace Dhan; Dhan uses AI (Fuzz, Artham) internally instead. Could AI do the core job? Unlikely.

Bigger players: Groww (post-IPO) and Zerodha. Groww's pending ~$840M IPO could fund a push into active-trader and F&O tools, the exact niche where Dhan has been gaining share. Could a giant copy it? Yes, easily.

What protects it. Faster order execution and the DhanHQ API/algo platform draw active traders while bigger rivals lose users, but rivals can copy both.

What would change this call

Groww's post-IPO product launches targeting active F&O/algo traders within 12 months. Would show Groww using IPO capital to directly attack Dhan's core niche.
Monthly NSE active-client share data for Dhan through 2026. Would show whether Dhan's share gains continue or stall/reverse.
Adoption of DhanHQ API platform by third-party algo/prop trading firms. Would show whether Dhan builds real switching costs or stays easily copyable.

Key numbers

FY24 revenue ₹379.2 crore, up 8x year over year (2024)
NSE share rose 1.98% to 2.27% in FY26 as rivals fell (Mar 2026)
$120M Series B at $1.2B valuation (Oct 2025)

Named risks

SEBI F&O rule tightening slowing sector-wide retail trading growth in FY26. Severity: high
Groww's pending ~$840M IPO could fund an active-trader/API attack on Dhan's niche. Severity: high
No durable lock-in beyond copyable speed and API tooling versus larger licensed rivals. Severity: medium
Public discrepancy between company-stated (650+) and third-party (356) headcount figures. Severity: low
Founder Pravin Jadhav's public home loan dispute drew reputational attention in July 2026. Severity: low

Rivals, as read in July 2026

Rival	Direction	Evidence
Groww	losing to	Groww holds ~28.7% NSE share vs Dhan's ~2.36%, plans ~$840M IPO, June 2026
Zerodha	gaining on	Dhan's share rose to 2.27% in FY26 while Zerodha held near-flat ~15%
Angel One	gaining on	Angel One at ~14.6% share, June 2026, as Dhan's smaller share climbs
Upstox	gaining on	Upstox share fell from 5.58% to 4.35% in FY26 while Dhan's rose

Questions people ask

Is Raise Financial Services (Dhan) profitable in 2026?: Yes. Dhan's operating entity Moneylicious Securities posted a net profit of Rs177.35 crore (about $21.3M) in FY24, reversing a Rs26.69 crore loss in FY23, per filings reported October 5, 2025. No FY26 loss has been disclosed.
Who owns Raise Financial Services, the company behind Dhan?: It is privately held, founded in 2021 by ex-Paytm Money CEO Pravin Jadhav with Alok Pandey and Jay Prakash Gupta. It became a unicorn after a $120M Series B in October 2025 led by Hornbill Capital, with MUFG Bank and BEENEXT participating, at a $1.2 billion valuation.
Could AI replace Dhan's brokerage business?: No. Placing trades and holding client funds requires SEBI broker registration and NSE/BSE exchange membership, which no AI model can obtain. Dhan uses AI (Fuzz, Artham) as a feature layer for research and support, not as a replacement for its licensed brokerage core, as of 2026.
Who is Dhan's biggest competitor?: Groww, which held about 28.7% of NSE active client share versus Dhan's roughly 2.36% as of June 2026, and was pursuing a roughly Rs7,000 crore ($840M) IPO. Zerodha (~15%) and Angel One (~14.6%) are also larger rivals under the same regulatory regime.
How fast is Dhan growing compared to other Indian brokers?: Dhan's NSE market share rose from 1.98% to 2.27% in FY26 while larger discount brokers Zerodha, Angel One and Upstox all lost share, per a July 27, 2026 Businessworld report. Dhan ranked 9th nationally with about 1.07 million active clients by June 2026.
What is Dhan's current valuation?: Raise Financial Services, Dhan's parent, was valued at $1.2 billion after a $120 million Series B announced October 5, 2025, led by Hornbill Capital with MUFG Bank and BEENEXT, up from roughly $150M in mid-2024.

Timeline

2026-07-27Dhan's FY26 NSE market share rose from 1.98% to 2.27% while rivals lost share
2026-07-16Headcount reported at ~356, up 14.5% YoY
2026-06Launched 'millions' app for Gen Z SIP investors to compete with Groww
2026-06Acquired GreenLife Insurance Broking; advanced talks to buy Infinyte Club (~$10M)
2026-04Reported launch of in-house small language model Artham
2025-10-05Raised $120M Series B led by Hornbill Capital, hit $1.2B unicorn valuation
2025-06-19Unveiled Fuzz AI, an agentic financial research assistant
2025-01Acquired Filter Coffee media brand and Stratzy algo-strategy platform
2022-01Closed Series A of ~$28M led by Vidit Aatrey
2021Company founded by Pravin Jadhav, Alok Pandey, Jay Prakash Gupta

Revision history

29 July 2026

First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.

In the same band

Tata Consultancy Services Eruditus Executive Education Sarvam