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Dhan’s Billion-Dollar Leap—Hornbill & MUFG Fuel Fintech’s Next Big Move!

Updated: June 13, 2025 13:32

Image Source: Outlook Business
Parent company Raise Financial Services of Dhan has raised a $200 million funding, led by Hornbill Capital and Mitsubishi UFJ Financial Group (MUFG). The fundraise represents a mammoth valuation jump, taking Dhan's valuation to $1.2–$1.5 billion, up from $150 million earlier.
 
Key Highlights
  • Lead Investors: Hornbill Capital (India-focused hedge fund) & MUFG (Japanese banking giant).
  • Third Investor Talks: Dhan is considering taking in ChrysCap, TPG, or Alpha Wave for the round.
  • Strategic Expansion: Capital will drive user expansion, new financial products, and business expansion.
  • Profitability Milestone: Dhan recorded an $40 million after-tax profit (PAT), which energized investor confidence.
Industry Impact & Future Outlook
Dhan is rivaling Groww, Zerodha, and Upstox and seeks to foray into financing, payment, and insurance. The new funds will solidify its market leadership and enhance its growth trajectory.
 
Sources: Moneycontrol, Economic Times, Business Review Live

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