Raise Financial Services, a fintech platform, announced on January 25 that it had raised $22 million in a Series A funding round. BEENEXT and its existing investor Mirae Asset Venture Investments led the round.
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 also participated in the round.
Raise Financial Services was founded in January 2021 by former Paytm Money CEO Pravin Jadhav and owns and manages the stock trading platform Dhan, which competes with Groww, Zerodha, and Upstox.
Raise acquired Mumbai-based stockbroking firm Moneylicious Securities in August 2021, just months after it launched. Raise obtained the necessary licences to become an integrated online stock broker, offering trading on all exchanges (BSE, NSE, MCX), membership in and across segments through the acquisition of the SEBI-registered company (equity, exchange-traded funds, futures, options, currency, commodities).
The Dhan investment will be used to strengthen the company’s product, engineering, operations, and customer experience teams. Raise also intends to establish technology-led consumer financial services in the areas of financing, insurance, investments, payments, and wealth, according to the startup.
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