India's retail investing boom may have cooled, but Dhan's parent Raise Financial is still growing. The company posted ₹905 crore in revenue and ₹326 crore in profit in FY26, even as tighter F&O regulations weighed on earnings.
The frenzy around retail investing may not be what it was a couple of years ago, but Dhan's parent company, Raise Financial Services, is still finding ways to grow.
The fintech firm, which operates stock trading platform Dhan, reported ₹905 crore in revenue and ₹326 crore in profit for FY26. While the company remained firmly profitable, its earnings took a hit as regulatory changes in the futures and options segment reshaped the brokerage landscape.
Dhan has built a loyal following among active traders and younger investors, helping Raise emerge as one of India's fastest-growing fintech companies. But with the Securities and Exchange Board of India's tighter grip on F&O trading, the entire industry has been forced to rethink its growth playbook.
Rather than relying heavily on derivatives trading, Raise has been broadening its offerings. Over the past year, the company has expanded into areas such as mutual funds, insurance and wealth management while investing aggressively in technology and AI-driven products.
Those investments have pushed up costs and squeezed margins, but the company appears willing to sacrifice some short-term profitability in favor of building a larger financial services platform.
Founded by former Paytm executive Pravin Jadhav, Raise has steadily positioned itself as a challenger to established names such as Zerodha, Groww and Upstox.
As India's fintech sector matures, companies like Raise are betting that the next phase of growth won't come from trading alone, but from becoming a one-stop destination for investors' broader financial needs.
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