Fintech platform Raise Financial Services has secured $22 Million in Series A round led by BEENEXT and its existing investor Mirae Asset Venture Investments.
The financing round also saw participation from 3one4 Capital, Rocketship.vc and angel investors such as Meesho co-founders Vidit Aatrey and Sanjeev Barnwal, Pine Labs CEO Amrish Rau, Udaan co-founder Sujeet Kumar, neobanking platform Jupiter founder Jitendra Gupta, and Sandeep Tandon of Whiteboard Capital.
Founded by Paytm Money’s former chief executive officer Pravin Jadhav in January 2021, the fintech startup owns and manages stock trading platform Dhan which competes with the likes of Groww, Zerodha and Upstox. The Mumbai-based startup plans to invest $15 million of the Series A fundraise to grow its ‘Dhan’ platform, as well as launch its second product targeting first-time investors. The proceeds will also be used to strengthen the company’s product, engineering, operations and customer experience teams. The company is eyeing a user base of 1 million in the next 15 months.
“Raise aims to set up technology-led consumer financial services across financing, insurance, investments, payments and wealth,” the startup said in its statement.
“We are delighted to find a product-market fit with our first product – Dhan amongst retail investors and super traders. With this financing, we are planning to launch our second product in the investing vertical – that is built for first time investors, millennials and Gen Z,” Jadhav said.
“At BEENEXT, we have closely watched the retail participation on stock markets in India over the past 24 months. This momentum in investing and trading is irreversible, we expect this to grow exponentially. BEENEXT is excited about the opportunity to partner with Pravin and are committed to be long term partners of Raise Financial Services,” added Hero Choudhary, managing partner, BEENEXT.
“We at Mirae Asset have seen the journey of Raise closely. In under a year, Pravin has built a strong team of over 125 people. In a very competitive market, Dhan already has 100,000 users who switched from other investing platforms to Dhan for its superior product offering and experience,” said Ashish Dave, managing partner and CEO, Mirae Asset Venture Investments.