Rais Financial Services, the parent company of trading platform Dhan, has raised $120 million (₹1,000 crore) in a Series B funding round led by Hornbill Capital, with backing from MUFG, BEENEXT and several prominent investors. The funding values ​​the Mumbai-based fintech at $1.2 billion, making it India's newest unicorn.

Founded in 2021 by Praveen Jadhav, Alok Pandey, Jai Prakash Gupta and Raunak Rathi, Raiz runs a financial products group including Dhan for stock trading, ScanX for market research, Upsurge for investor education, Filter Coffee for Gen Z financial content and Fuzz, an AI tool for financial insights. The company has been profitable for about three years.

The new funds will be used to expand Dhan, improve its AI and technology, and launch new investment products. Raiz plans to grow its margin-trading business, invest in omnichannel distribution and strengthen its AI model, Fuzz.