Fintech Raise Financial Services reported net profit of Rs 7.16 crore in FY23 while in FY22 it had noted a net loss of Rs 2.78 crore.
The startup’s operating revenue grew by 25 times from Rs 82.14 lakh in FY22 to Rs 20.74 crore in FY23. Its total revenue widened by 10 times to Rs 26.53 crore from Rs 2.5 crore in the same period.
Its total expenses also jumped 3 times from Rs 5.28 crore in FY22 to Rs 17.80 crore in the fiscal year ended March 2023. Marketing cost accounted for the largest portion with Rs 13.64 crore in the year under review as compared to Rs 2.83 in the previous fiscal. Employee expenses went up by 240% from Rs 1.80 crore to Rs 3.65 crore in the same period.
Cofounded by Alok Pandey and former Paytm Money CEO Pravin Jadhav in 2021, Raise offers financial services in the stock broking space, through its products such as its stock broking app Dhan, Dhan Web Platform, TradingView by Dhan, Option Trader app, and DhanHQ API. The startup primarily targets users in tier I & II cities of India.
The Mumbai-based startup had raised an undisclosed amount in its seed funding round in 2021 from Mirae Asset Ventures Investment and others. So far, Raise has acquired brokerage firm Moneylicious and ed-tech platform Upsurge. It has also shared plans to invest nearly $500k in early-stage startups in India’s investment tech and wealth-tech space.
Zerodha, Angel One, and Groww are its major contenders in investment tech industry which is set to become a $74 billion market opportunity by 2030 from $9.2 billion in 2022.
