Dhan, a fintech company founded by former Paytm Money executive Pravin Jadhav, has made a significant entry into the top 10 list of stockbroking apps in India. With 1.09 crore active users in August, Dhan has surpassed Paytm Money, which has been a leading player in the segment, to grab a spot among the top 10.
According to data from the National Stock Exchange (NSE), Dhan has a significant following, with 7.4 lakh active users as of August, while Paytm Money has 7.3 lakh active users. This significant growth has propelled Dhan into the top 10 list, edging out Paytm Money.
Leaderboard Showdown: Groww Retains Top Position
Groww has retained its position as the market leader, with 1.09 crore active users in August. Zerodha takes the second spot, followed by AngelOne at number three. AngelOne is closely following Zerodha and may surpass it in the coming months, as it has 71 lakh active users in August.
New Entrant PhonePe’s Share.Market Gaining Traction
PhonePe’s Share.Market, a new entrant in the market, has rapidly gaining traction. The app now stands at 21st spot with over 2 lakh active investors in the last month.
Funding and Growth
Dhan, which operates under Raise Financial Services, has reportedly been talking to raise funding and has major investors such as BEENEXT, Mirae Asset, 3one4 Capital, and Rocketship.vc. The company has turned profitable since its second fiscal year and is expected to report better numbers in the upcoming fiscal year.
Key Takeaways
- Dhan has surpassed Paytm Money to enter the top 10 list of stockbroking apps in India.
- Groww retains the top spot with 1.09 crore active users in August.
- AngelOne may surpass Zerodha in the coming months.
- PhonePe’s Share.Market is gaining traction with over 2 lakh active investors in the last month.
- Dhan has been profitable since its second fiscal year and is reportedly in talks to raise a large round of funding.