In a market where most fintech startups chase growth first and profits later, one company quietly flipped the script.
In FY25, Dhan reported ₹877 crore in revenue and an astonishing ₹408 crore Profit After Tax .
Not valuation hype.
Not “adjusted EBITDA”.
Actual profits.
And this is a company founded just four years ago .
So how did Dhan reach here so fast?
The answer starts with one trader who was deeply unhappy with how stockbroking worked in India.
Dhan was founded in 2021 by Pravin Jadhav .
Before building Dhan, Pravin spent years working inside India’s financial ecosystem. But more importantly, he was an active market participant himself.
He experienced the same problems every serious trader faced:
Trading platforms built for beginners, not power users
Slow execution during peak market hours
Poor charting and analysis tools
Limited customization
Too many hidden frictions
Most platforms were optimizing for mass onboarding.
Very few were optimizing for serious traders .
That gap bothered him.
And instead of complaining, he decided to build
India’s stockbroking industry was exploding.
Millions of new investors were entering markets.
Platforms like Zerodha , Groww , Upstox , and Angel One had already built massive user bases.
But Pravin noticed something important:
Most platforms were designed around simplicity .
Not performance .
Professional and active traders wanted:
Faster execution
Deep analytics
Powerful charts
Strategy building
Advanced order types
These users traded less in number, but far more in value .
That became Dhan’s core bet.
Build a platform for serious traders and young power users , not just casual investors.
Dhan did not launch with flashy campaigns.
No big celebrities.
No aggressive referral bonuses.
No “free stock” gimmicks.
Instead, the early focus was obsessive product building.
Dhan integrated:
TradingView charts
smallcase portfolios
Advanced order types
API-based infrastructure
Customizable dashboards
The platform was designed like a professional trading terminal, not a consumer app.
This immediately appealed to traders who already knew what they wanted.
Convincing people to switch brokers is extremely hard.
Trading accounts are sticky.
Money is involved.
Trust is everything.
Early feedback often sounded like:
“Why move from my current broker?”
“Another trading app? What’s different?”
“You are too late to this market.”
Instead of fighting these objections with marketing, Dhan fought them with performance.
They let traders try the product.
And once traders experienced faster execution and better tools, word-of-mouth kicked in.
Dhan focused on:
Trader communities
Online forums
Telegram groups
Twitter finance circles
Power users talk to power users.
When one serious trader liked the product, they brought five more.
This bottom-up distribution created a highly engaged user base.
No mass audience.
High-quality audience.
Unlike platforms chasing millions of inactive users, Dhan focused on active traders .
Active traders:
Trade daily
Trade in high volumes
Use derivatives
Generate consistent brokerage
Even with fewer users, revenue per user was much higher.
This is why Dhan scaled revenue faster than user count.
And why profitability came early.
FY25 Revenue: ₹877 crore
FY25 Profit (PAT): ₹408 crore
Profit growth: 2.6X
Revenue growth: 2.3X
These numbers place Dhan among the most profitable fintech companies in India.
The company is headquartered in India and continues to scale its technology and trading infrastructure.
While exact valuation figures are not publicly disclosed, industry estimates place Dhan in the multi-thousand crore valuation range.
India’s retail investing ecosystem is undergoing structural expansion:
Demat accounts crossing 150+ million
Growing derivatives participation
Rising disposable incomes
Financialization of household savings
The Indian stockbroking and trading platform market is expected to grow at double-digit CAGR over the next decade.
Within this, active traders represent one of the most profitable sub-segments.
Dhan positioned itself exactly here.
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