Trading Platform Dhan Posts INR 214 Cr Profit In H1 FY25

Trading platform Dhan’s parent Moneylicious Securities posted a revenue of INR 453 Cr in the first half of the financial year ended March 2025 (H1 FY25), with a profit after tax (PAT) of INR 214 Cr. 

The unaudited financial results were shared with ratings agency Care Ratings. The agency said that the startup’s revenue grew primarily due to an increase in brokering income. 

Moneylicious Securities’ PAT margin stood at 47.18% during the period under review and its total assets were valued at INR 1,861 Cr. 

According to Care Ratings, Moneylicious Securities had about INR 236.7 Cr in cash and bank balance and about INR 53.7 Cr under liquid investments at the end of the period. Further, the company had an undrawn bank line of INR 56.8 Cr against an outstanding borrowing of INR 56 Cr. 

An undrawn bank line is the amount of credit that a borrower has not yet used from the bank. 

The ratings agency said that Moneylicious ranked second in terms of the total quantity of commodity contracts traded on the Multi Commodity Exchange of India Limited (MCX). 

Further, the fintech startup’s active client base also grew significantly. The number of active clients increased from 40,247 in March 2022 to 4,69,961 in March 2024 and further to 8,92,267 in November 2024. This surge significantly contributed to higher broking income, the ratings agency noted. 

While Moneylicious primarily focuses on retail clients, it has also ventured into institutional broking recently, serving a select number of institutional clients. 

The startup provides brokerage services across equity, futures & options (F&O), commodities, and currency segments. Additionally, it operates as a depository participant with CDSL, offering demat account-related services.

It primarily competes with the likes of Zerodha, IPO-bound Groww, Angel One, among others.

Notably, Raise Financial Services acquired Moneylicious Securities in 2021 and integrated it with the Dhan platform. 

Founded in 2021 by Jay Prakash Gupta, Pravin Jadhav, and Alok Pandey, Raise Financial Services operates in the Indian stock broking space and primarily targets users in Tier I and II cities. 

Its portfolio of products consists of stock broking app Dhan, the ‘Option Trader’ app to facilitate options trading, an API platform for traders called DhanHQ API, among others. Last month, Raise Financial Services also acquired new-age media startup Filter Coffee for an undisclosed amount. 

Dhan is said to be in discussions with private equity firm ChrysCapital and two other US-based investors to raise $100 Mn to $150 Mn at a unicorn valuation. 

According to Care Ratings, Moneylicious Securities reported a net profit of INR 159 Cr in FY24 as against a loss of INR 27 Cr in the previous fiscal year. Its total income jumped 677% to INR 373 Cr from INR 48 Cr in FY23.