According to database company Venture Intelligence, this week’s standout headline comes from fintech. Dhan, part of Raise Financial, has raised $120 million in a Series B round, achieving a post-money valuation of $1.2 billion and officially entering India’s unicorn club. The magnitude of this raise, combined with the quality of its investors, makes it the Deal of the Week.
This round isn’t just about scale, it’s a reflection of confidence in India’s evolving retail finance ecosystem. For investors, this is a signal that the market for direct investing and wealth platforms is far from saturated.
Dhan’s strategy, which goes beyond traditional broking to include wealth advisory, credit products, and embedded financial services, aims to deepen engagement and diversify revenue. The new funds are likely to fuel expansion across technology, product innovation, and user acquisition. AI-led personalisation, real-time insights, and better mobile execution experiences form the core of Dhan’s growth thesis.
Rewards
The rewards here are significant. India’s retail investing base continues to rise, and a platform capable of converting users into lifelong financial customers stands to capture an immense market opportunity. Dhan’s integrated approach, spanning trading, analytics, and wealth management, allows for recurring engagement and cross-product monetisation.
The inclusion of global players like MUFG alongside institutional backers and marquee investors lends Dhan a blend of capital, distribution potential, and credibility. This mix of strategic and financial participation ensures that Dhan has both the scale and the stability to execute long-term.
Risks
However, the risks are equally visible. India’s fintech ecosystem is maturing fast, with established players such as Zerodha, Upstox, and Groww competing aggressively on product, pricing, and customer experience. Rising acquisition costs and margin pressure are inevitable. Regulatory uncertainty adds another dimension of complexity.
The Reserve Bank of India (RBI) and SEBI’s evolving frameworks on algorithmic trading, investor protection, and financial data privacy could reshape compliance requirements overnight. Dhan’s ambitions in lending and credit introduce further operational challenges, credit underwriting, provisioning, and capital adequacy can become significant pressure points if not managed prudently. Finally, at a billion-dollar valuation, expectations are high; consistent growth and disciplined execution will be key to sustaining investor confidence.
The Investors
The investor syndicate itself is noteworthy. The round reportedly includes Hornbill Capital, BEENEXT, MUFG, and several influential public-market and family office investors such as Ramesh Damani and the DSP Group. It’s a syndicate that blends financial depth with strategic foresight, MUFG’s institutional backing provides partnership potential, while family office participation adds long-term stability. Together, they make Dhan a uniquely positioned fintech at the intersection of retail investing, wealth creation, and technology innovation.
In short, Dhan is our Deal of the Week not only because of its scale, but because it represents the next phase of fintech maturity, from user growth to ecosystem building. Its success or failure will define how far Indian retail fintechs can go in combining financial innovation with regulatory trust and investor discipline.
Other Notable Deals: What’s Shaping the Week
While Dhan captured most of the attention, the week was marked by several other interesting moves across industrial AI, SaaS infrastructure, B2B commerce, and Web3 innovation. These deals may not have billion-dollar valuations, but they reveal where the next wave of disruption is quietly taking shape.
Intangles: $30M (Series B)
Pune-based Intangles raised $30 million in Series B funding, led by Avataar Venture Partners with participation from Baring Private Equity Partners India and Cactus Ventures Partners. The company builds AI- powered predictive intelligence solutions for vehicles and fleets, helping clients reduce downtime and improve maintenance efficiency.
This investment underlines the growing investor appetite for industrial AI, where software, sensors, and data come together to solve deeply practical problems. Intangles’ products bring measurable ROI to fleet operators and OEMs, which makes its value proposition tangible.
The new funding will support global expansion and product development. Yet the path ahead remains challenging; long enterprise sales cycles, hardware integration, and scaling customer relationships across borders can be resource-intensive. Still, the deal signals confidence in India’s emerging deep-tech backbone, one that builds for global industries rather than just digital consumers.
Qapita: $26.5M (Series B)
Equity management platform Qapita raised $26.5 million in its Series B round from Charles Schwab, Citi Ventures, and MassMutual Ventures, marking the entry of major global financial institutions into the cap-table management space.
Qapita has become a vital infrastructure player for managing ownership and liquidity in private markets. With this capital, it plans to scale internationally, launch secondary transaction capabilities, and strengthen regulatory compliance across jurisdictions.
This round highlights how the digital transformation of private equity and ESOP management is gaining institutional backing. However, Qapita operates in a competitive environment, facing global incumbents like Carta and evolving regulatory frameworks across markets. The opportunity is enormous, unified digital platform for private markets in emerging economies, but execution precision will determine its edge.
JSW One Platforms: $26.47M (Series A Extension)
JSW One Platforms, the B2B e-commerce arm of the JSW Group, raised ₹575 crore (~$26.47 million) from institutional and strategic investors such as SBI, JSW Ventures, and Principal Asset Management.
This deal reinforces the digitization of India’s industrial supply chains. JSW One integrates procurement, logistics, and financing, simplifying business transactions for SMEs and contractors across sectors.
Its unique advantage lies in its integration with the JSW ecosystem, leveraging industrial infrastructure, supplier networks, and brand trust. The challenge, however, lies in operational scalability. B2B commerce is margin-sensitive and operationally demanding, with significant costs in onboarding and logistics. The next phase will test whether JSW One can scale profitably while maintaining service excellence.
KGeN: $13.5M (Seed / Series A)
Blockchain infrastructure startup KGeN raised $13.5 million from Accel India, Prosus Ventures, and Jump Crypto. The company builds verification and distribution protocols for AI, DeFi, and gaming, targeting the infrastructure layer of the Web3 economy.
The round is notable for its focus on digital verification and provenance, rather than speculative crypto products. As AI-generated content and tokenized assets multiply, trust and traceability have become core challenges. KGeN’s technology aims to address that gap. The risks are evident, regulatory uncertainty, evolving compliance requirements, and user adoption hurdles, but the strategic direction is sound. As Web3 evolves toward utility and compliance, infrastructure companies like KGeN could define the next chapter of decentralized trust.
Cross-Deal Themes and Emerging Patterns
Across all the deals this week, a few dominant themes emerge. Fintech continues to command investor confidence, but investors are increasingly backing companies that combine growth with operational discipline. Dhan’s raise exemplifies this balance, large-scale funding backed by clear product strategy and institutional credibility.
At the same time, industrial AI and deep-tech are quietly becoming mainstream. Companies like Intangles demonstrate that venture capital is no longer limited to consumer-facing innovation; it is now financing the digital transformation of traditional industries.
Another pattern gaining strength is the return of strategic corporate investors. Deals like Qapita’s and JSW One’s saw active participation from established financial institutions andconglomerates. Their involvement brings not just capital, but also market access, balance-sheet leverage, and operational expertise.
Finally, the revival of Web3 infrastructure funding is worth noting. KGeN’s round indicates that while speculative crypto ventures have cooled, foundational technologies that improve verification, compliance, and security are gaining traction again.
For the RizingTV Lens: Where the Story Goes Next
For Dhan, the most compelling story lies in how the company navigates its next phase, balancing expansion with compliance and differentiation. Interviews with its leadership could explore how they plan to build sustainable profitability, integrate new products, and maintain trust in an increasingly regulated landscape.
Conversations with investors like MUFG or Hornbill Capital could shed light on what makes India’s retail fintech story compelling to global institutions: distribution advantage, regulatory maturity, or demographic opportunity?
For Intangles, the narrative could explore India’s industrial AI revolution, how deep-tech companies are exporting solutions to global markets. For Qapita, the focus could be on the digital infrastructure that underpins private markets, and how India is positioning itself as a global SaaS hub for capital management.
Editorial Closing Note
This week’s funding patterns underline a subtle but powerful truth about venture capital in 2025: capital hasn’t disappeared, it has become more discerning. Investors are now backing proof over promise, and founders who can demonstrate resilience, discipline, and clarity of vision continue to find support.
Dhan’s round is emblematic of this shift, a billion-dollar vote of confidence in disciplined fintech execution. The broader takeaway is equally important: innovation thrives where capital is patient, partnerships are strategic, and founders are grounded.
As India’s venture ecosystem matures, the new growth mantra is clear, sustainable innovation, not speculative expansion.
