Dhan, a prominent stock broking platform, is reportedly in discussions to acquire Bengaluru-based Infinyte Club. This move aims to broaden Dhan's reach into the wealthtech sector.
The acquisition is anticipated to be valued at around $10 million, which will include both equity and cash components, according to ET.
Founded in 2023 by Ankita Tandon and Joylita Saldanha, Infinyte Club specializes in helping customers create liquidity for Employee Stock Ownership Plans (ESOPs) and access various public and private market strategies. The startup focuses on providing solutions for startup employees, operators, and founders to reinvest their wealth into high-growth opportunities.
Infinyte Club secured $3.6 million in seed funding from Elevation Capital in 2024.
This potential acquisition follows Dhan's earlier purchase of the media startup Filter Coffee, which allowed it to venture into the business content domain.
Dhan was established in 2021 by Pravin Jadhav, Jay Prakash Gupta, and Alok Pandey. It achieved unicorn status after raising $120 million in its Series B funding round, which valued the company at over $1.2 billion.
The acquisition of Infinyte Club is part of Dhan's strategy for inorganic growth, with plans to acquire additional companies to enhance its presence in the fintech landscape.
Dhan's parent company, Raise Financial Services, is a fintech focused on stock broking, offering a range of financial services primarily for users in tier I and II cities. Its product suite includes:
- Dhan stock broking app
- Option Trader for derivatives trading
- Dhan web platform
- TradingView integration via Dhan
- DhanHQ, an API platform for traders
Raise Financial Services boasts a diverse group of investors, including Hornbill Capital, Japan’s MUFG, and notable figures such as DMart founder Ramesh Damani and PhonePe’s Sameer Nigam.
The interest in wealthtech ventures is growing, as evidenced by recent investments in the sector. For instance, Bachata raised $12 million in Series A funding to enhance its savings solutions for merchants and self-employed individuals.
Additionally, last year, Wealthy, a wealthtech startup focused on mutual fund distributors, raised ₹130 crore to advance its AI-driven tools and digital infrastructure.
