Ramesh Damani, Aashish Somaiyaa invest in Zerodha's competitor Dhan

Stock-trading startup Dhan raised $120 million at a $1.2 billion valuation, attracting marquee investors including Ramesh Damani and Aashish Somaiyaa. Led by Hornbill Capital, the funding will support expansion, diversification, and AI innovation. Despite regulatory headwinds, Dhan has boosted active trader share and quadrupled volumes since FY23.