Mumbai-based stockbroking and funding platform Dhan reported a pointy leap in income and income for the 12 months ended March 2025 (FY25).

Dhan posted a internet revenue of Rs 408 crore in FY25, up 156% from Rs 159 crore within the earlier 12 months. Income from operations rose greater than 2.3 occasions 12 months on 12 months to Rs 877 crore from Rs 371 crore. Complete revenue, together with non-operating sources, stood at Rs 887 crore.

Based in 2021 by Pravin Jadhav, former CEO of Paytm Cash, Dhan focuses on lively merchants and youthful traders. The platform affords fairness, ETF and futures and choices buying and selling throughout NSE, BSE and MCX, with integrations equivalent to smallcase and TradingView.

Brokerage charges and commissions from fairness, derivatives and commodities buying and selling remained the corporate’s major income driver, contributing Rs 769 crore, or practically 88% of working income in FY25.

The speedy enlargement got here with a pointy rise in prices. Complete bills practically doubled to Rs 341 crore in FY25 from Rs 175 crore a 12 months earlier. Fee paid to promoting brokers emerged as the most important expense, rising to Rs 82.6 crore and accounting for about 24% of total prices. Promoting and promotional spends climbed to Rs 73.6 crore, nearly 2.7 occasions larger than FY24, reflecting intensified competitors for buyer acquisition.

Worker profit bills rose 66% 12 months on 12 months to Rs 73 crore, whereas software program and expertise fees elevated over 85% to Rs 39.7 crore. Greater royalty, demat fees, and authorized {and professional} charges additionally contributed to the price enlargement.

Regardless of the rise in spending, Dhan’s profitability metrics strengthened. EBITDA margin improved to 63.25%, whereas return on capital employed rose to 91.9%.

As of December 2025, Dhan reported about 9.8 lakh lively shoppers, giving it a market share of roughly 2.2%.

In October final 12 months, Dhan raised $120 million in a Series B round led by Hornbill Capital, valuing the corporate at $1.2 billion post-money and pushing it into the unicorn membership. The spherical additionally enabled partial exits for a number of early backers and angel traders, together with Cred founder Kunal Shah, Miten Sampat and members of the PhonePe founding community, with reported returns of practically 45 occasions inside 4 years.