The fintech startup Raise Financial Services established by Paytm Money’s former chief executive officer, once Head of Growth at Freecharge Pravin Jadhav, has started its Dhan app on Android and iOS for an early introduction to users.
“We have started rolling out invites to users who signed up for early access,” the investment platform tweeted Friday. “We’ll build with early users, with a wider rollout over the next few days.”
After obtaining seed funding initially in 2021 and finishing an acquisition in August, founder Pravin Jadhav has great plans for Raise Financial Services. Pravin has uncovered Raise’s app for tradesmen and investors, named Dhan, for early access and will soon let more users enter the platform.
With Indians constantly taking control over their investments linked with the largely untapped potential for trading on the stock market, Dhan’s focus is on long-term investors and traders who have several years of involvement in the market.
Presently, Jadhav is looking at scaling with a target of onboarding a million consumers soon. The company is also in the manner of relocating the 7,000 customers of Moneylicious Securities, which it acquired on August 10, onto the online platform Dhan.
“Currently we are trying to stabilize the app and enhance user experience ahead of the full-fledged launch. Around 40 percent of our current users have joined the app through referrals from acquaintances. Our ambition is to acquire a million customers within the first 18 months from the launch,” Jadhav said.
Through the acquisition of offline broker Moneylicious Securities, Raise Fintech Ventures secured the essential licenses to become a combined online stock broker allowing trading on all exchanges (BSE, NSE, MCX) and across divisions (equity, exchange-traded funds, futures, options, currency, commodities).
Currently, the Dhan app proposes 24 features for traders and investors and the organization intends to reveal more every few weeks over the next two to six months. Moreover use cases will be made on the investing platform, Jadhav said.
“We want to be a very product and technology-focused company, building products for Tier I & II customers. Also, investing is going to be an anchored product for us and we want to build multiple use cases around it. But for the first 12 to 18 months, the focus is to keep building on investing and trading products,” he emphasized.
“Post that, we will look at solutions on the wealth management side. For example, if high net worth individuals (HNIs) need portfolio management services etc. And going forward, we will look at insurance, payments, lending and cards products in the long run,” Pravin shared.
Taking on authorities like Zerodha, Groww and Upstox, Dhan is also focusing on ETFs, and will be open to attempting into mutual funds later.
“As markets mature, we are seeing more mature investors moving towards passive products and ETFs are well-placed to catch the attention of these users. But yes, when we will look at building products for first-time users, we will consider mutual funds,” Jadhav stated.
The start-up is sufficiently funded, Jadhav said, and will be open to acquisitions to expand.
“We will either apply for fresh licenses or look at acquisitions based on what works well. But those plans will be executed only by mid-2022. We will also consider a non-banking financial company (NBFC) license and foray into lending,” he continued.