BEENEXT, Mirae infuse USD 22 mln in Raise Financial Services

Raise Financial Services, a city-based fintech which lends to long-term investors and super traders, on Tuesday announced a USD 22 million about Rs 164.4 crore fundraise led by BEENEXT and Mirae Asset Venture Investments.The startup will deploy the newly raised funds into its November 2021-launched investment platform Dhan, to strengthen the product, engineering, operations and customer experience teams, an official statement said.


PTI | New Delhi | Updated: 25-01-2022 16:01 IST | Created: 25-01-2022 16:01 IST
BEENEXT, Mirae infuse USD 22 mln in Raise Financial Services
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  • India

Raise Financial Services, a city-based fintech which lends to long-term investors and super traders, on Tuesday announced a USD 22 million (about Rs 164.4 crore) fundraise led by BEENEXT and Mirae Asset Venture Investments.

The startup will deploy the newly raised funds into its November 2021-launched investment platform Dhan, to strengthen the product, engineering, operations and customer experience teams, an official statement said. The platform will see investments of USD 15 million over the next few months.

Raise, which already counts on slew of tech company promoters as its backers, also saw investments from 3one4 Capital, Rocketship.vc, Vidit Aatrey and Sanjeev Barnwal of Meesho, Amrish Rau of Pine Labs, Sujeet Kumar of Udaan, Jitendra Gupta of Jupiter and Sandeep Tandon of Whiteboard Capital in the current round, it said.

Pravin Jadhav, the company's founder who was earlier associated with Paytm, said there exists an opportunity in offering differentiated experience for consumer financial services and the company is also looking at launching a second product targeted at first time investors, millennials and Gen Z. “This momentum in investing & trading is irreversible, we expect this to grow exponentially. 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,” Hero Choudhary, the managing partner at BEENEXT, said.

Mirae's managing partner and chief executive Ashish Dave said Jadhav has built a team of 125 in under a year and the platform already has 1 lakh users. Before this funding round, the company had seen investments from Harsh Jain of Dream11, Anjali Bansal of Avaana Capital, Anupam Mittal of Shaadi, Kunal Shah of CRED and Sameer Nigam of Phonepe among others.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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