Daybreak How Dhan, a broking startup, defied a slowing market and turned from dark horse to unicorn
Oct 6, 2025
Against a backdrop of a sluggish market, an online brokerage has soared to a valuation of $1.2 billion. Dhan's focus on experienced traders has set it apart, attracting nearly a million users. With a strategic pivot towards derivatives, it has turned losses into impressive profits. Dhan’s heavy tech investment and lean marketing strategy have fueled its growth. Analysts believe its loyal user base will help it navigate challenges ahead, making it a standout player during turbulent times.
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Niche Focus Fueled Rapid User Growth
- Dhan targeted niche power traders instead of mass-market beginners and built tools for high-frequency derivatives trading.
- This focus drove rapid active user growth from 50k to nearly 1M between 2022 and 2025.
Fast Turnaround To High Profitability
- Dhan moved from a loss of ~30 crore to profits over 150 crore, then crossed 200 crore profit on ~450 crore revenue by Sept 2024.
- High revenue per user and tight margins made it profitable despite a slowing market.
Higher Monetisation Than Peers
- Dhan's RPU for FY2024 was Rs. 12,876, similar to Zerodha and above peers, with net margins over 40%.
- Superior monetisation came from serving active derivatives traders who generate higher revenue per user.