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Raise Financial Services plans to go live with its stock-trading and investment product by the end of this year and is also in the early stages of discussions to “functionalise” insurance and money management offerings, according to a August 10 ETtech report on the company’s acquisition of Moneylicious Securities, a stockbroking firm.
“The way we envisage to build Raise Financial Services is to have it as a holding company with several lines of business as subsidiaries. Acquisition of Moneylicious is the first step in this direction,” Jadhav had said then.
In February, Raise Financial raised seed funding from Mirae Asset’s early stage fund, and US-based Social Leverage, Blume Ventures Founders’ Fund and Multi-Act Equity.
India is one of the world’s biggest digital payments markets even though access to them remains restricted to urban areas. Now, the government will sift through the best ideas it has received from startups for taking digital payments to rural areas, where 65% of Indians live.
Raise Financial is setting up itself as a money management platform for financially aware customers with a diverse wealth portfolio. It will also enter the insurance distribution business, catering specifically to urban India. Its rivals would include unicorns such as Zerodha and Groww, as well as IPO-bound Paytm and Policybazaar.