SUMMARY
Its first product, Dhan, is an investment platform that allows retail investors to trade stocks, equity options, equity futures, currencies, etc.
The global market for wealth management platforms was valued at $3.27 Bn in 2020 and is expected to reach a valuation of $7.02 Bn by 2026
The pandemic has had a huge impact on trading and investing as people find it harder to access traditional methods of finance and investments
Former Paytm Money CEO Pravin Jadhav-led Raise Financial Services has secured $22 Mn in a Series A funding round led by BEENEXT and Mirae Asset Venture. 3one4 Capital and rocketship.vc also participated in the round.
“We shipped our first product Dhan in late 2021, extremely happy to see 100,000 users switching to Dhan for an incredible investing & trading experience. We are investing $15 Mn USD in building & scaling Dhan across product, engineering, operations & customer service,” said Pravin Jadhav, founder and CEO of Raise Financial Services in a LinkedIn post.
Founded in 2021 by Pravin Jadhav, Raise bagged a seed round from Mirae Asset Venture Investments, Blume Ventures Founders Fund, Social Leverage and several angel investors in February 2021.
In August 2021, it acquired Mumbai-based stock broker Moneylicious Securities. As part of the deal, Moneylicious CEO and founder Jayprakash Gupta joined Raise as a cofounder. The acquisition was approved by SEBI (Securities and Exchange Board of India) and major stock exchanges in the country.
Its first product, Dhan, is an investment platform that allows retail investors to trade stocks, equity options, equity futures, currencies, commodities, ETFs (exchange traded funds), and subscribe to IPOs. (initial public offering)
“We are convinced that the next market leader will be a platform like Dhan that is extremely technology & product-focused, as well as very customer-centric. More to come from us at Raise & Dhan, for now getting back to serving our customers,” added Jadhav in the same LinkedIn post.
The global market for wealth management platforms was valued at $3.27 Bn in 2020, and is expected to reach a valuation of $7.02 Bn by 2026, growing at a CAGR of 13.87% during the forecast period.
The pandemic has had a huge impact on trading and investing as people find it harder to access traditional methods of finance and investments. This is expected to drive a larger audience towards wealth management platforms like Dhan, Upstox and Groww.
Earlier this month, Microsoft CEO Satya Nadella had joined Bengaluru-based wealth management startup Groww as an investor and advisor.
In November last year, Upstox, another wealth management startup, made its entry into the unicorn club with a near $3 Bn valuation.
