Raise Financial Services, a fintech startup based in Bengaluru, has received $22 million in a new funding round led by Beenext and Mirae Asset Venture Investments.

3one4 Capital along with Rocketship.vc participated in the fundraising, as did marquee angel investors like Meesho cofounders Vidit Aatrey and Sanjeev Barnwal, Pine Labs CEO Amrish Rau, Udaan cofounder Sujeet Kumar, and Jupiter founder Jitendra Gupta.

The proceeds will be used to strengthen the company’s product, engineering, and operation functions, according to a statement. Raise Financial also plans to invest $15 million to grow its ‘Dhan’ platform, as well as launch its second product targeting first-time investors.

In November 2021,
Raise launched its first product Dhan—an investment platform for super traders and long-term investors. It opened early access to the service in September.

“We started Raise with a belief that there exists a large opportunity in offering differentiated experience for consumer financial services in India. We are delighted to find product-market fit with our first product—Dhan—among retail investors and super traders,” Pravin Jadhav, founder at Raise Financial Services, said in the statement. “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 was a member of the founding team at Paytm Money, Paytm’s wealth management division, and launched the service as its chief executive in 2018. Raise Financial now plans to also launch offerings in the financing, insurance as well as wealth management and investments space.

“At Beenext, we have closely watched the retail participation on stock markets in India over the past 24 months. This momentum in investing & trading is irreversible, we expect this to grow exponentially,” said Hero Choudhary, managing partner at Beenext. “We are convinced that the next market leader will be a platform like Dhan that is extremely technology and product focused as well as very customer centric.”

In February last year, Raise Financial Services
raised seed funding from Mirae Asset Venture Investments, as well as from a group of prominent unicorn founders and chief executives.

“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. They launched Dhan and also achieved product-market fit with a very promising and powerful product which is a testament to our seed investment,” said Ashish Dave, managing partner and CEO at Mirae Asset Venture Investments. “In a competitive market, Dhan already has 100,000 users who switched from other investing platforms to Dhan. Retail investing in India is only set to grow from here.”

Raise Financial Services had in late 2021 raised an undisclosed amount from a clutch of Indian entrepreneurs, including Dream11’s Harsh Jain, Zomato’s Deepinder Goyal, Unacademy’s Gaurav Munjal and Razorpay’s Harshil Mathur.

Earlier in August, Raise
had announced the acquisition of Mumbai-based stock broker Moneylicious Securities. The company was looking to launch new products for everyday stock traders and long term investors, through the Moneylicious acquisition.

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