Raise Financial Services, the fintech startup founded by Paytm Money's former chief executive officer Pravin Jadhav, has raised a $22 Million in its Series A round led by BEENEXT and Mirae Asset Venture Investments. The financing round also saw participation from 3one4 Capital along with Rocketship.vc.
Other angel investors who participated in the round include Meesho co-founders Vidit Aatrey and Sanjeev Barnwal, Pine Labs CEO Amrish Rau (CEO, Udaan co-founder Sujeet Kumar, Jupiter founder Jitendra Gupta, Whiteboard Capital’s Sandeep Tandon.
The Mumbai-based startup, which launched its first product Dhan – an investment platform – in November last year, plans to invest $15 million in Dhan over next few months and plans to strengthen the product, engineering, operations and customer experience teams. “Raise aims to set up technology-led consumer financial services across financing, insurance, investments, payments and wealth,” the startup said in its statement.
“We are delighted to find a product-market fit with our first product - Dhan amongst retail investors and super traders. With this financing, we are planning to launch our second product in the investing vertical – that is built for first time investors, millennials and Gen Z,” Jadhav said.
“At BEENEXT, we have closely watched the retail participation on stock markets in India over the past 24 months. This momentum in investing and trading is irreversible, we expect this to grow exponentially. BEENEXT is excited about the opportunity to partner with Pravin and are committed to be long term partners of Raise Financial Services,” added Hero Choudhary, managing partner, BEENEXT.
"We at Mirae Asset have seen the journey of Raise closely. In under a year, Pravin has built a strong team of over 125 people. In a very competitive market, Dhan already has 100,000 users who switched from other investing platforms to Dhan for its superior product offering and experience,” said Ashish Dave, managing partner and CEO, Mirae Asset Venture Investments.
Last year, Raise saw raised its seed round from several individual investors. The company counts Cred founder Kunal Shah, Freshworks founder Girish Mathrubootham, Dream 11 founder Harsh Jain, Anjali Bansal from Avaana Capital, Zomato CEO Deepinder Goyal and other leading angel investors amongst its early backers.
Last year, the startup also acquired a 100% stake in Mumbai-based stock broking app Moneylicious.