Raise Financial Services, the parent company of stockbroking platform Dhan, has raised $120 million in a round led by Hornbill Capital, turning the company into India's newest unicorn. The deal headlined a strong week for growth-stage funding, which totalled $219.2 million across five deals between October 6 and 11.
A breakout week for late-stage cheques
The $120 million round is one of the largest disclosed Indian startup fundraises of the month and signals that late-stage capital is firmly back on the table for category leaders. Raise Financial's ascent to unicorn status puts it among a small group of fintechs to cross the $1 billion valuation mark in 2026.
Dhan has ridden India's retail investing boom, competing in a broking market where discount brokers have steadily eaten into legacy players' share. The fresh capital gives Raise Financial serious firepower to deepen its product suite and defend its turf as larger, better-funded rivals circle.
The company it keeps
The week also saw Intangles raise $30 million in a Series B led by Avataar Venture Partners, while Singapore-based Qapita secured $26.5 million from Charles Schwab Corporation. Gen-Z entertainment company RuskMedia and FableStreet parent FS Life also closed notable growth rounds.
Why it matters for founders
Unicorn rounds are back — but they are going to companies with real revenue engines, not story stocks. If you are building in fintech, the bar is now a profitable core product plus a credible path to owning the customer relationship end to end. Find these funders and apply in one click at noranow.in/investors — and build your application with the Apply Kit.