Dhan Parent Raise Launches ‘Millions’ Investment App Targeting Gen Z

Investment tech platform Dhan’s parent Raise Financial Services has launched a new investment app, Millions, targeting Gen Z and first-time investors.

The app enables users to invest across mutual funds, stocks, SIPs and IPOs, following a goal-based investment strategy. The unicorn noted that the investment goals of younger generations differ widely from those followed by prior generations, with personal ambitions like an alternate income source, building a side hustle, or pursuing passions often driving their investments.

Hence, Raise launched Millions as a separate platform to make investing simpler and more accessible. 

“The challenge for our industry is that investing experiences have often been built around products, terminology, and complexity, whereas most people think in terms of goals and outcomes… By bringing together goal-based investing with access to a variety of products, we’re making investing feel more relevant, approachable, and connected to what new-age traders actually care about,” Raise founder Pranav Jadhav said.

The platform is SEBI-regulated and is currently not charging any onboarding or brokerage fee for direct equity investments. The minimum SIP amount starts from ₹500. For trades in equity, ETF, intraday and margin trading facility, the platform charges either ₹20 or 0.03%, whichever is lower. For equity F&O, it charges a flat rate of ₹20 per executed order. 

Millions is looking to capture a user base that is fast emerging as one of the most active in the Indian equities market. In fact, Gen Z made up for 40% of the overall NSE-registered investors in FY25, up from 25% in FY20. According to the RBI, the median investor age has also come down from 38 to 33. 

Moreover, millennials and Gen Z together controlled half of all mutual fund assets in 2025, and their preference for online investment tools has led to brokers like Groww, Zerodha, and Upstox now accounting for 80% of retail equity investors. 

Raise Chasing Entire Investment Value Chain 

The development comes as Raise is looking to go beyond broking to become a full-stack investment ecosystem. It bagged $120 Mn (about ₹1,065 Cr) in its Series B funding round last October, which valued the startup at over $1.2 Bn. It also counts the likes of 3one4 Capital, BEENEXT, Kunal Shah, Kalyan Krishnamurthy, and Sameer Nigam among its investors.

Founded in 2021 by former Paytm Money CEO Jadhav along with Alok Pandey and Jay Prakash Gupta, Raise offers multiple financial services in the stock broking space, primarily targeting users in Tier I & II cities. 

Its portfolio of products consists of stock broking app Dhan, Option Trader app for options trading, Dhan web platform, TradingView by Dhan and an API platform for traders called DhanHQ API.

Apart from expanding its Dhan product suite, the fintech startup has been on an acquisition spree in recent months. In May, it acquired GreenLife Insurance Broking, marking its foray into the insurance distribution space as it looks to become a full-stack fintech platform. 

Prior to that in April, Raise acquired Stratzy, an algo-trading platform that offers over 100 exchange-approved multi-asset algorithmic trading strategies across equities, indices, futures and options (F&O), and commodities, in line with Dhan’s own algo-trading push. It also acquired new-age media startup Filter Coffee last year.

Raise is also in talks to acquire Elevation Capital-backed wealthtech platform Infinyte Club, with the deal expected to be worth $10 Mn. It also owns and operates financial market information platform Upsurge, market research platform ScanX, and AI-driven trading insights platform FuzzAI, which runs on its propriety small language model Artham.

Earlier this year, Raise also launched trading terminal DEXT T3 to expand its presence in the active trading ecosystem.

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