Mumbai-based stockbroking and investment platform Dhan reported a sharp jump in revenue and profits for the year ended March 2025 (FY25).
Dhan posted a net profit of Rs 408 crore in FY25, up 156% from Rs 159 crore in the previous year. Revenue from operations rose more than 2.3 times year on year to Rs 877 crore from Rs 371 crore. Total income, including non-operating sources, stood at Rs 887 crore.
Founded in 2021 by Pravin Jadhav, former CEO of Paytm Money, Dhan focuses on active traders and younger investors. The platform offers equity, ETF and futures and options trading across NSE, BSE and MCX, with integrations such as smallcase and TradingView.
Brokerage fees and commissions from equity, derivatives and commodities trading remained the company’s primary revenue driver, contributing Rs 769 crore, or nearly 88% of operating revenue in FY25.
The rapid expansion came with a sharp rise in costs. Total expenses nearly doubled to Rs 341 crore in FY25 from Rs 175 crore a year earlier. Commission paid to selling agents emerged as the largest expense, rising to Rs 82.6 crore and accounting for about 24% of overall costs. Advertising and promotional spends climbed to Rs 73.6 crore, almost 2.7 times higher than FY24, reflecting intensified competition for customer acquisition.
Employee benefit expenses rose 66% year on year to Rs 73 crore, while software and technology charges increased over 85% to Rs 39.7 crore. Higher royalty, demat charges, and legal and professional fees also contributed to the cost expansion.
Despite the increase in spending, Dhan’s profitability metrics strengthened. EBITDA margin improved to 63.25%, while return on capital employed rose to 91.9%.
As of December 2025, Dhan reported about 9.8 lakh active clients, giving it a market share of roughly 2.2%.
In October last year, Dhan raised $120 million in a Series B round led by Hornbill Capital, valuing the company at $1.2 billion post-money and pushing it into the unicorn club. The round also enabled partial exits for several early backers and angel investors, including Cred founder Kunal Shah, Miten Sampat and members of the PhonePe founding network, with reported returns of nearly 45 times within four years.
Source: www.indianstartupnews.com