Raise Financial Services

What Raise Financial Services does

Raise Financial Services (legally Raise Fintech Ventures Pvt. Ltd.) is a Mumbai-based, privately held Indian fintech holding company founded in 2021 that builds technology-led consumer financial products and infrastructure services for financially aware Indians, with primary geographic focus on Metros and Tier 1–3 cities. The company operates a platform-plus-modules architecture anchored by Dhan, a technology-driven stock trading and investing platform that became the 9th largest NSE broker by March 2026, serving approximately 1.2 crore clients and processing FY26 derivatives volumes of Rs 11.87 lakh crore, with roughly 70% of Raise Securities' net operating income derived from derivatives trading. Surrounding Dhan is a portfolio of in-house brands and acquired capabilities: Upsurge.club (EdTech, formerly Valuationary), Filter Coffee (financial media), fuzz (AI-powered financial research assistant), Millions (Gen Z investing app), Artham (Raise's proprietary 7B-parameter Small Language Model trained on Indian financial data and unveiled at AWS re:Invent 2025), Stratzy (algorithmic trading), and GreenLife Insurance Broking (IRDAI-registered insurance distribution).

The company's revenue model is anchored in brokerage transaction fees (Rs 904.9 crore in FY26 net operating income, 14% YoY growth), supplemented by algorithmic/managed investing fees (Stratzy), planned insurance distribution commissions (GreenLife), wealth management fees (Infinyte Club acquisition in talks), EdTech subscriptions (Upsurge.club), and ecosystem investments in portfolio startups (Mysa, Glomopay, Zeron, Volt Money, Unnova Grid). Go-to-market is direct-to-consumer via self-serve mobile and web apps, with an API-first developer channel via Dhan's Trading & Investing API stack for partner startups, and brand-led content marketing through Filter Coffee, Upsurge.club, and earned media (Moneycontrol, Inc42, TechInAsia, AWS keynote). The company achieved unicorn status in October 2025 via a $120M Series B led by Hornbill Capital with participation from Japan's MUFG, at a $1.2 billion valuation, with a 550+ team and aggressive M&A expansion across trading (Stratzy), insurance (GreenLife), and wealth (Infinyte Club) — while expanding its product surface into Financing, Payment, and Insurance verticals currently marked 'Coming Soon' on its corporate website.

Name

Raise Financial Services

Legal name

Raise Fintech Ventures Pvt. Ltd.

Website

https://raiseholding.co

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

251–500 employees

Short description

Raise Financial Services is an Indian fintech holding company that builds technology-led consumer financial products — trading (Dhan), algo investing (Stratzy), insurance (GreenLife), wealth, AI research (fuzz), and EdTech (Upsurge.club) — for financially aware Indian retail investors across Metros and Tier 1–3 cities.

Ownership category

akta.pro rank

Product category

Retail Brokerage and Wealthtech

NAICS

Investment Banking and Securities Intermediation (523150)

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Financial Services / Fintech Growth Equity (FSANACAE)

Keywords

• Online stock brokerage
• Algorithmic trading
• Wealth management
• Insurance broking
• Financial education

Headquarters

HQ city

Thane

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Brokerage Transaction Fees (Dhan): Core revenue stream derived from trading commissions on the Dhan stock-broking platform; heavily dependent on derivatives, which account for approximately 70% of net operating income. Reported ₹877 crore revenue in FY25 and ₹904.9 crore in FY26 (14% YoY growth).
2. Insurance Distribution Commissions (GreenLife / GIBL): New stream following acquisition of GreenLife Insurance Broking; Raise plans to invest $15 million to build a direct consumer insurance distribution platform with advisory-driven support across metro, Tier I and II markets, expected to launch a new consumer-facing insurance platform by end of 2026.
3. Algorithmic / Managed Investing (Stratzy): Revenue from systematic investing strategies and managed portfolios via the acquired Stratzy platform with 100+ approved multi-asset algorithms across Equity, Indices, F&O, and Commodities.
4. Wealth Management / Advisory (Infinyte Club — in talks): Planned entry into wealthtech via acquisition of Infinyte Club for ~$10M cash and equity; targets high net worth individuals and emerging HNIs with private market investments and ESOP liquidity offerings.
5. EdTech / Community Subscriptions (Upsurge.club): Upsurge.club (formerly Valuationary) upskills candidates via self-paced courses, live sessions, and an extensive social media presence — a likely subscription/freemium education stream.
6. Investment / Equity Stakes in Portfolio Startups: Capital investments (up to $500K per startup) in portfolio companies (Glomopay, Unnova Grid, Mysa, Zeron, Volt Money) provide financial upside and ecosystem synergy rather than direct operating revenue.
7. Zerofee Equity Investing (Millions app): Millions app offers direct equity investments with no initial fees — onboarding Gen Z and first-time investors at zero direct cost; monetization expected via subsequent services.

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels10 records

Core offering

Raise Financial Services is a technology-led Indian fintech holding company that builds and operates consumer financial products centered on its flagship Dhan stock trading and investing platform. It serves approximately 1.2 crore clients across Tier I-III cities in India with integrated offerings spanning online brokerage (Dhan), goal-based investing (Millions), AI-powered financial research (Fuzz), financial education (Upsurge.club), financial media (Filter Coffee), and insurance distribution (GreenLife Insurance Broking / GIBL), supported by a proprietary 7B-parameter Small Language Model (Artham) trained on Indian capital markets data.

Product overview

Raise Financial Services operates as a platform-plus-modules architecture built around a portfolio of in-house brands and acquired/portfolio companies. The flagship core product is Dhan, the technology-driven stock trading and investment platform that anchors Raise's offering across equity, derivatives, F&O and commodities trading and serves as the integration hub for acquired capabilities like Stratzy's algorithmic trading, GreenLife's insurance distribution, and AI capabilities powered by Artham. Surrounding Dhan are complementary sub-brands and products including Upsurge.club (EdTech for trader/investor upskilling, formerly Valuationary), Filter Coffee (business and financial markets media), Fuzz (AI-powered financial research assistant), and Millions (a Gen Z-focused investment app for mutual funds, stocks, SIPs and IPOs). Raise's proprietary AI layer — Artham, a 7-billion-parameter Small Language Model for Indian capital markets — powers Fuzz, ScanX, and Dhan. Raise's portfolio of investments includes Glomopay (payments), Unnova Grid (hardware ODM), Mysa (B2B finance automation), Zeron (cyber risk), and Volt Money (lending against mutual funds). Per Raise's website, planned verticals also include Financing, Payment, and Insurance on top of the existing Investing and Wealth stacks.

Differentiator

Problem solved

Functional benefit

Brands

• Dhan: Technology-driven stock trading and investment mobile app for advanced traders and long-term investors; among Top 10 stock brokers in India
• Upsurge.club
• Filter Coffee
• fuzz
• Millions

Products and services

• Dhan Technology-driven stock trading and investing platform offering trading across equity, derivatives, F&O and commodities for advanced traders and long-term investors in India. Among the Top 10 stock brokers in India with approximately 1.2 crore clients across Tier I-III cities; serves as the central integration hub for Raise's acquisitions (Stratzy, GreenLife) and AI capabilities (Artham).
• Upsurge.club EdTech platform (acquired as Valuationary in April 2022 and rebranded Upsurge.club) offering self-paced courses, live sessions, and extensive social media content to upskill Indian candidates with practical knowledge on stock market trading and investing. Complements Raise's investment and wealth management offerings.
• Filter Coffee New-age media company delivering sharp, actionable insights on business and financial markets via owned content channels. Trusted by 20,000+ professionals and investors to simplify complex topics and help young Indians make confident financial decisions.
• Fuzz AI-powered financial research assistant that helps users stay on top of everything related to finance. Built on Raise's proprietary Artham Small Language Model and positioned to shape the future of research in India with AI.
• Millions Goal-based investment app for Generation Z and first-time investors in India, offering access to direct mutual funds, stocks, SIPs and IPOs through a single SEBI-regulated platform with no initial fees for direct equity investments. Expands Raise beyond traditional brokerage services.
• GreenLife Insurance Broking (GIBL) IRDAI-registered insurance broker acquired by Raise in May 2026, offering online insurance comparison and renewal across health, motor, travel, life, and business insurance with presence across 50+ cities in East and Northeast India. Raise plans to invest ~$15M to develop a new consumer-facing insurance distribution platform by end of 2026.
• Stratzy Algorithmic investing and trading platform acquired by Raise in April 2026, offering over 100 exchange-approved multi-asset algorithms across Equity, Indices, F&O, and Commodities for retail traders. Integrated into the Dhan platform to add systematic and quant investing capabilities.

Quantifiable outcome

• Climbed from NSE broker rank 300 to the 9th largest broker by March 2026
• +6 more outcomes

Named customers4 records

Segments7 records

Ideal customer profiles6 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

AI capability9 records

Feature5 records

Partnerships

Eleven partnerships are on record, tiered major pending wealthtech acquisition, major insurance distribution acquisition, major algorithmic trading acquisition, flagship technology partner, strategic edtech acquisition, foundational acquisition, portfolio investment and reputation/backing coalition.

• Infinyte Club (acquisition in talks)major pending wealthtech acquisitionStrategic or Co-development Partner · 15 May 2026Stock trading platform Dhan (parent Raise Financial Services) is in talks to acquire Bengaluru-based wealthtech startup Infinyte Club for approximately $10 million in a cash and equity deal (valuation reported at $13–15M by Entrackr). The 11-member team, including founders Ankita Tandon and Joylita Saldanha, will transition to Raise Financial Services to lead its wealth management business, targeting high net worth individuals and emerging HNIs with private market investments and ESOP liquidity offerings.
• GreenLife Insurance Broking (GIBL)major insurance distribution acquisitionStrategic or Co-development Partner · 13 May 2026Raise Financial Services acquired GreenLife Insurance Broking Pvt Ltd in a cash-and-stock transaction (approximately $15 million) with all regulatory approvals received. GIBL operates as a wholly owned subsidiary within the Raise ecosystem and will continue functioning independently; Raise plans to invest ~$15M to develop a direct consumer insurance distribution platform by end of 2026. GIBL's 25-member team (founded 2013 by Subir Mukherjee) is relocating to Mumbai and joining Raise Financial.
• Stratzymajor algorithmic trading acquisitionStrategic or Co-development Partner · 21 April 2026Mumbai-based Raise Financial Services acquired algorithmic investing and trading platform Stratzy in a cash and stock deal valued between $5 million and $6 million. Stratzy operates as India's leading exchange-registered algorithmic trading platform with over 100 approved multi-asset algorithms across Equity, Indices, F&O, and Commodities; its 20-member team (engineering, technology, algo development, product, design, analytics) has transitioned to Raise Financial. The acquisition enables integration of algorithmic strategies and managed investing capabilities into the Dhan platform.
• Amazon Web Services (AWS)flagship technology partnerTechnology or Integration · 5 December 2025Raise Financial Services partnered with AWS ProServe to build Artham, India's first 7-billion-parameter Small Language Model for capital markets, hosted entirely on Indian cloud infrastructure. Unveiled on the AWS re:Invent 2025 keynote stage in Las Vegas. Dhan was also recognized as an early adopter of AWS's DevOps Agent globally.
• Valuationary (Upsurge.club)strategic edtech acquisitionStrategic or Co-development Partner · 6 April 2022Raise Financial Services acquired e-learning startup Valuationary (now Upsurge.club), an EdTech platform that upskills candidates with practical knowledge through self-paced courses, live sessions, and social media presence. Enhances Raise's investment and wealth management offerings through financial education.
• Moneylicious Securitiesfoundational acquisitionStrategic or Co-development Partner · 9 August 2021Raise Financial Services acquired Mumbai-based Moneylicious Securities, a stock broker, after receiving all necessary approvals from regulators and stock exchanges. The acquisition facilitated Raise's entry into the investment and wealth management space with new products for traders and investors.
• Glomopayportfolio investmentStrategic or Co-development PartnerGlomopay is listed as a Raise portfolio investment. It enables businesses to collect, disburse, and manage funds by providing end-to-end payment infrastructure.
• Unnova Grid (Grid OS)portfolio investmentStrategic or Co-development PartnerUnnova Grid (operating as Grid OS) is listed as a Raise portfolio investment. It is a leading ODM (Original Device Manufacturer) specializing in designing and manufacturing advanced, software-driven electronic products.
• Zeronportfolio investmentStrategic or Co-development PartnerZeron is listed as a Raise portfolio investment. It is a cyber risk posture management platform dedicated to providing organizations with a centralized hub for cybersecurity truth.
• Volt Moneyportfolio investmentStrategic or Co-development PartnerVolt Money is listed as a Raise portfolio investment. It is a digital platform that unlocks the value of financial assets like mutual funds, allowing retail investors to avail loans against them instantly.
• India's Tech Entrepreneurs (Backers Group)reputation/backing coalitionStrategic or Co-development PartnerProminent Indian tech entrepreneurs publicly back Raise including Kunal Shah (CRED), Anupam Mittal (Shaadi.com), Deepinder Goyal (Zomato), Gaurav Munjal (Unacademy), Harshil Mathur (Razorpay), Shashank Kumar (Razorpay), Vidit Aatrey (Meesho), Sanjeev Barnwal (Meesho), Sameer Nigam (PhonePe), Rahul Chari (PhonePe), Kalyan Krishnamurthy (Flipkart), Nandan Reddy (Swiggy), Anjali Bansal (Avaana Capital), Sandeep Tandon (FreeCharge), Amrish Rau (Pine Labs), Amod Malviya (Udaan), Jitendra Gupta (Jupiter), Sujeet Kumar (Udaan), Harsh Jain (Dream11), and Sreevathsa Prabhakar (Servify).

Scale indicators16 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• Zerodha: India's largest discount stock broker, operating Kite (trading platform) and Coin (mutual funds). Directly comparable to Dhan in target customer (active Indian retail traders), product (equity, derivatives, F&O, commodities), and low-cost brokerage model. Zerodha is the market leader Raise is directly chasing.
• Groww: One of India's largest retail investment platforms spanning stocks, mutual funds, derivatives, and IPOs. Directly comparable to Dhan in retail trading/investing focus and similar technology-led value proposition; Groww's first-time-investor focus also overlaps with Raise's Millions app.
• Upstox: India-focused discount broker offering trading across equity, derivatives, F&O, and commodities via mobile/web platforms. Directly comparable to Dhan in technology-led broker positioning, active-trader targeting, and tiered subscription model.
• Angel One: Full-service discount broker with strong active-trader and advisory segments across equity, F&O, commodities, and mutual funds. Directly comparable to Dhan in retail trading, with similar product breadth and an overlapping super-trader target segment.
• 5paisa: Discount stock broker and fintech offering trading, mutual funds, and insurance distribution to Indian retail investors. Directly comparable to Dhan in low-cost trading model and increasingly in multi-product consumer fintech positioning aligned with Raise's broader ecosystem.

Broad incumbents

• ICICI Securities: Large established full-service broker and wealth manager backed by ICICI Bank, serving Indian retail and institutional clients across trading, mutual funds, IPOs, and advisory. A broad incumbent against which Raise/Dhan competes for active traders and long-term investors, with much deeper distribution but heavier legacy stack.
• HDFC Securities: Bank-affiliated full-service broker offering trading, mutual funds, and wealth advisory to Indian retail and institutional clients. A broad incumbent with a large, slower-incumbent technology stack against which Raise's modern Dhan platform is positioned as a challenger.
• Paytm Money: Stock broking and mutual fund platform from One97 Communications (Paytm), serving millions of Indian retail investors. A broad incumbent with overlapping consumer-fintech positioning (payments + investing), similar to Raise's stated payments + investing + insurance roadmap.

Emerging players

• INDmoney: Indian super-financial-app for tracking and investing across stocks, mutual funds, FDs, and US equities. An emerging player in the same consolidated-finance-app category Raise is building toward via Dhan, Millions, and the planned Infinyte Club wealth stack.
• Jupiter: Neo-banking and consumer-fintech app in India offering savings, investments, and bill payments to millennials and Gen Z. An emerging player with comparable target segment and multi-product consumer-fintech ambition, though lighter on the trading-brokerage core.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat8 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/RaiseTheBarHQ
• LinkedInlinkedin.com/company/raise-financial-services

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries7 records

Funding overview

Funding rounds4 records

Investors10 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A5 records

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Raise Financial Services