Mumbai — Indian stock brokerage platform Dhan has recorded a significant surge in profitability and revenue for the fiscal year ending March 2024, reflecting both strong operational momentum and increasing investor adoption in the country’s digital trading ecosystem. According to a report titled “Stockbroker Dhan’s profit jumps 2.5 times to Rs 40.8 crore; revenue up 2.3x” published by The Economic Times, the Mumbai-based firm’s net profit soared 2.5 times to Rs 40.8 crore, while its operating revenue rose by approximately 2.3 times to reach Rs 208.7 crore.
Founded in November 2021, Dhan has quickly emerged as a modern alternative in India’s rapidly evolving stockbroking sector, offering advanced online platforms for retail investors and traders. The report states that the company also posted a sharp rise in daily transactions, with daily order volumes growing 6.5 times year-over-year to about 2.5 million. This scale-up indicates both broadened market reach and increasing user engagement.
Dhan’s CEO and founder Pravin Jadhav attributed this growth to a strategic focus on technology development, product innovation, and customer acquisition. The platform has steadily rolled out multiple features tailored for long-term investors and active traders alike, including integrations with smallcase and portfolio tracking tools. “We have made significant strides in scaling our infrastructure while remaining closely focused on delivering intuitive experiences for users,” Jadhav said.
The Economic Times report also notes that Dhan’s monthly transacting users have increased fivefold compared to the previous year. This growth has been fueled in part by the company’s B2B offering, DhanHQ, which serves as a trading and investment infrastructure provider for other fintech platforms. Over 100 fintech firms are now reported to be using Dhan’s APIs or services, suggesting that the firm is not only a consumer-focused player but also becoming a critical infrastructure layer within India’s broader fintech ecosystem.
Despite its strong performance, Dhan faces challenges common to new-age brokerage firms operating in a competitive market dominated by established incumbents such as Zerodha and Groww. The sustainability of rapid growth, user retention, and cost efficiency will remain under scrutiny as the company continues to scale.
Still, the latest numbers position Dhan as a formidable force in India’s brokerage landscape, one that is benefiting from a confluence of rising retail participation, deepening financial literacy, and a tech-forward investing ethos sweeping across the country. The company’s robust revenue and profit trajectory underscore both product-market fit and disciplined execution less than three years after its launch.
