PC: The Economic Times
In a thrilling turn of events, Dhan has taken things to the next level, which is basically the brainchild of former Paytm Money executive Pravin Jadhav, by landing itself on the top 10 list of stockbroking apps in India. Since it launched in January 2021, Dhan has been meteorically going up the ladder and has even pushed Paytm Money off its long-occupied seat in the top 10.
Dhan has 7.4 lakh active users in August this year, against NSE data, reflecting its good growth and traction in the competitive stockbroking space. Needless to say, the three industry leading players that clearly dominate the market are Groww, Zerodha, and AngelOne. The list is topped by Groww, which registered as many as 1.09 crore active users, followed closely by Zerodha and AngelOne.
A lot has changed in terms of dynamics with the market for stockbroking applications, where last year saw Groww rise to the top slot, turning out to be an inflection point for the industry. Upstox and ICICI Direct stand close by at 4th and 5th positions, respectively, with 26.62 lakh and 18.89 lakh active customers.
Its emergence did not go unnoticed, with Dhan reaching an active customer base higher in number than that of Paytm Money, marking an upheaval in the top order. AngelOne has continued to pose a strong challenge to Zerodha, with 71 lakh active customers against the latter’s 79 lakh, and their fight for market share has turned intense and fluid.
Adding to this melange of contenders, Share.Market from PhonePe has drawn attention and climbed up to 21st with over 2 lakh active investors in the last month, a fact that is testimony to the ever-changing landscape of stockbroking apps in India.
With its stellar performance and market positioning, Dhan is reportedly in talks to raise a hefty funding round that can help power its growth trajectory. Operating under Raise Financial Services, the company has already secured sizeable investments from major backers including BEENEXT, Mirae Asset, 3one4 Capital, and Rocketship.vc.
What sets Dhan apart, however, is not only its rapid rise in the market but also its enviable financial performance. To say the least, the company achieved profitability from its second fiscal year of operation-a no-mean-feat performance for a stockbroking firm facing cutthroat competition. As reported, with over Rs 7 crore after tax as PAT in FY21, the financial success of Dhan underlines its resilience and strategic vision to sail through the labyrinthine ways of the market.
This trajectory, as Dhan chisels out its niche amongst the crème de la crème in the industry, acts as a pointer to innovation, strategic partnership, and customer-centric offerings acting as the very catalysts to glittering success in a dynamically app-based stockbroking world.
