Stockbroker Dhan’s profit jumps 2.5 times to Rs 408 crore, revenue up 2.3X

Mumbai-based stockbroking startup Dhan has reported a net profit of Rs 408 crore in the financial year 2025, up 156% from Rs 159 crore a year back. Its operating revenue grew 2.3 times to Rs 876 crore from Rs 370 crore a year back, riding the strong momentum in the stockbroking space.

The company saw its overall expenses nearly double to Rs 340 crore compared with Rs 174 crore a year back. In terms of its major expenses, advertising and promotional spends shot up to Rs 73.6 crore versus Rs 27.5 crore a year back, while its employee expenses went up to Rs 73 crore from Rs 44 crore the year prior.

In October 2025, Dhan closed a major funding round which catapulted it into the unicorn club, with valuation north of a billion dollars. The 2021-born firm raised $120 million at a $1.2 billion post-money valuation from Hornbill Capital and others.


Dhan’s funding came in the middle of massive investor interest in the wealthtech space, where players distributing mutual funds, or offering broking services and wealth advisory have either raised major rounds or are in the process of doing so. For instance, Groww went public at a valuation of $7 billion. Another new-age broking startup, Sahi, is in the process of closing a $30 to $35 million round at a valuation of $200 million.

Founded by Pravin Jadhav, previously the CEO of Paytm Money (the wealth management arm of digital payments major Paytm), Dhan competes with the likes of Zerodha, Groww, and Angel One.

Groww closed FY25 with a net profit of Rs 1,819 crore, while Zerodha clocked a net profit of Rs 4,236 crore. According to data from NSE, Dhan’s current active trader base as of December 2025 stood at 984,242.

The company’s strong growth trajectory within a short period of time has been primarily driven by a surge in stock market participants and the boom in the highly speculative derivatives market. Multiple regulatory changes to the futures and options trading space, coupled with the government’s recent announcement on increasing the taxes on such trades, might pose fresh challenges for new-age stockbrokers.