Praveen Jadhav's Wealth, the former CEO of Paytm Money, introduces a mutual fund distribution business

 Praveen Jadhav's Wealth, the former CEO of Paytm Money, introduces a mutual fund distribution business

Praveen Jadhav's Wealth, the former CEO of Paytm Money, introduces a mutual fund distribution business

The startup wants to provide its five lakh consumers solely execution services so they may invest in mutual fund direct plans with no fee.

Approximately 10% of Dhansa's 3 lakh active customers have shown interest in the company's mutual fund investing offering. In an effort to broaden its selection of products and draw in long-term investors, Praveen Jadhav, the former CEO of Paytm Money, established the stock trading and investing platform Dhan.

The startup wants to provide its five lakh consumers just execution services for investing in mutual fund direct zero-commission programs.

Market participants are becoming more interested in mutual fund investments, which is a trend seen across the sector. In addition, as a platform, we have always said that our emphasis would be on traders and long-term investors who are knowledgeable about the market. Are. Mutual funds are thus a logical next step for us," Dhan's creator, Praveen Jadhav, told Moneycontrol.

According to Jadhav, there is now over 12.5 million demat accounts in India, and over Rs 15,000 crore is placed in mutual funds via SIP contributions each month, offering wealthy investors a chance to enter the mutual fund market. As.

Approximately 10% of Dhansa's 3 lakh active customers have shown interest in the company's mutual fund investing offering.

According to Jadhav, "Dhan is looking forward to providing these users with utilization of mutual fund investments in its signature Wealth app over the next few weeks. Dhan has attracted over 30,000 users throughout the last 100 days who have signed up for early access."

Before departing in May 2020 to launch his own business, Raise Financial Services, Jadhav worked for three years as the founder, managing director, and CEO of Paytm Money, a mobile payments company. Dhan works for Rays Financial Services, a trading and investment-focused company.

After incorporating in January, Raise revealed in February that Mirae Asset Venture Investments was leading its initial round of fundraising.

The amount of money raised is unknown. A number of business owners and CEOs attended the seed round, including Jitendra Gupta, the owner and chief executive officer of Jupiter Money, Sameer Nigam and Rahul Chari, the founders of PhonePe, Amrish Rau, the CEO of Pine Labs, as well as Kunal Shah, the founder and CEO of CRED.

The Dhan platform was integrated by Moneylicious Securities, a stock broker located in Mumbai, which was bought by Rise Financial Services in August 2021.

The fund secured $22 million in investment in January 2022, with participation from Rocketship.vc, Mirae Asset Venture, and BEENEXT.

According to Jadhav, the business has sufficient funding and plans to provide further products, such loans secured by mutual funds.

"We are well financed, and the finances are already Ebitda positive. In the future, Jadhav said, "We'll start providing loans against mutual funds and continue to concentrate on trading and investments.