India, Oct. 14 -- Tracking Dhan's Unicorn Journey

Just last week, stock broking platform Dhan entered the unicorn club. However, the timing couldn't have been more counterintuitive - SEBI has been cracking down on F&O trading, investor participation is down, and rivals are seeing revenues plummet. So, what has been Dhan's secret sauce?

The Secret Weapon: While competitors built their empires on F&O volumes, Dhan doubled down on margin trading, which brought in recurring interest income and created a product stack less vulnerable to regulatory whiplash. The strategy paid off. Dhan clocked INR 177 Cr profit in FY24 on a revenue of INR 380 Cr. It expects both figures to more than double in FY25.

The Pro Trader Focus: Another aspect of Dha...