Quick Take
Acquirer: | Raise Financial Services — Parent of Dhan ($1.2 Bn valuation, unicorn since Oct 2025) |
| Target: | Infinyte Club — Bengaluru wealthtech for ESOP liquidity & private market access |
| Deal Size: | ~$10 Mn (equity + cash) — Sources aware of the matter |
| Traction: | Infinyte Club tracks $150 Mn+ in ESOPs; backed by Elevation Capital, Kunal Shah, Harshil Mathur |
| What’s Next: | Dhan’s third acquisition after Moneylicious (2021) and Stratzy ($4.5 Mn, Nov 2025) |
Fintech unicorn Dhan’s parent Raise Financial Services is in talks to acquire Bengaluru-based wealthtech startup Infinyte Club in a deal valued at approximately $10 Mn (Rs 84 Cr), comprising a mix of equity and cash, sources aware of the matter told StartupFeed. If completed, the acquisition would mark Raise’s most significant move yet into wealth management — directly expanding Dhan’s one-million-strong active trading base into the high-growth ESOP liquidity and private market investment segment.
StartupFeed Insight
| What this signals: Dhan is evolving from a pure-play broker into a full-stack wealth platform. ESOP liquidity is the unlock for India’s next 10 million wealth creators — startup employees. Why this deal makes strategic sense:
Watch out for: SEBI’s evolving rules on ESOP secondary markets and private market investment platforms could impact Infinyte Club’s operating model post-acquisition. |
The Deal: What We Know
The acquisition, if completed, would be structured as a combination of equity and cash, valuing Infinyte Club at approximately $10 Mn (Rs 84 Cr) — a meaningful step-up from the company’s $3.6 Mn seed round raised in August 2024. The deal is currently at the talks stage; no definitive agreement has been signed. Queries to Raise Financial Services and Infinyte Club remained unanswered at the time of publication.
This would be Raise’s third acquisition. The company previously acquired Mumbai-based brokerage Moneylicious Securities in August 2021, integrating it into the Dhan platform. More recently, in November 2025, Raise acquired algo-based trading startup Stratzy in a $4–4.5 Mn cash-and-stock deal — a deal that has since been credited with strengthening Dhan’s systematic trading capabilities.
About Infinyte Club: The Target
| Infinyte Club — Company Profile | |
| Founded | 2023 |
| Founders | Ankita Tandon & Joylita Saldanha |
| Headquarters | Bengaluru, Karnataka |
| Sector | Wealthtech — ESOP Liquidity & Private Market Access |
| Total Funding | $3.6 Mn Seed (August 2024) |
| Lead Investor | Elevation Capital |
| Key Angels | Kunal Shah (CRED), Harshil Mathur (Razorpay), Vidit Aatrey (Meesho), Gaurav Munjal (Unacademy), Varun Dua (ACKO) |
| ESOP Tracking | $150 Mn+ in ESOPs tracked on platform |
| Deals Closed | 40+ primary and secondary deals (beta phase) |
| Team Size | 9 employees (PitchBook, 2026) |
What Infinyte Club does: The platform helps startup employees and tech professionals do two things: unlock the value of their Employee Stock Ownership Plans (ESOPs) before a liquidity event — through loans, buybacks, and secondary market trading — and access private market investment opportunities that were traditionally reserved for institutional investors. The company tracks individual members’ net worth across public and private holdings, essentially acting as a personal CFO for startup employees.
About Raise Financial / Dhan: The Acquirer
| Raise Financial Services — Company Profile | |
| Founded | January 2021 |
| Founders | Pravin Jadhav (CEO, ex-Paytm Money), Jay Prakash Gupta, Alok Pandey |
| Headquarters | Mumbai, Maharashtra |
| Flagship Product | Dhan — Stock broking, F&O, ETF, MF trading platform |
| Valuation | $1.2 Bn (Unicorn since October 2025) |
| Total Funding | $146 Mn over 3 rounds |
| Lead Investors | Hornbill Capital, MUFG, BEENEXT, 3one4 Capital |
| FY25 Revenue | Rs 885 Crore (2.4x growth vs FY24’s Rs 373 Cr) |
| FY25 Net Profit | Rs 418 Crore (PAT margin ~42% in H1 FY26) |
| Active Users | 1 Mn+ active clients (NSE rank: #9) |
| Ecosystem | Dhan, ScanX, Upsurge, Filter Coffee, Fuzz AI, Stratzy |
Why This Deal Makes Sense: Strategic Rationale
- Dhan’s users are the perfect ESOP audience. Dhan’s one million active traders are disproportionately drawn from India’s tech and startup ecosystem — precisely the demographic sitting on locked ESOP wealth. Cross-selling Infinyte Club’s ESOP unlocking tools into this existing base requires zero audience acquisition cost.
- Raise is building a full financial services stack. The acquisitions tell a clear story: Moneylicious (brokerage infrastructure) → Filter Coffee (financial media, Gen Z acquisition) → Stratzy (algo/systematic trading) → Infinyte Club (wealth creation & ESOP liquidity). Each acquisition plugs a gap in the user’s financial lifecycle.
- Private markets are the next frontier for retail investors. As India’s startup ecosystem matures, hundreds of thousands of employees hold illiquid ESOP wealth. Platforms that unlock this capital early — while the employee is still at the company — create multi-year sticky relationships. Infinyte Club’s existing $150 Mn ESOP tracking base is a ready pipeline.
- Dhan has the financial firepower. With Rs 418 Cr in FY25 net profit and a $1.2 Bn valuation post-unicorn round, a $10 Mn (Rs 84 Cr) acquisition is a sub-1% revenue bolt-on — relatively low financial risk for a high-strategic-value asset.
Raise Financial’s Acquisition Track Record
| Year | Target | Deal Size | Strategic Purpose |
|---|---|---|---|
| Aug 2021 | Moneylicious Securities | Undisclosed | Brokerage license & infra for Dhan platform |
| Jan 2025 | Filter Coffee | Undisclosed | Financial media & Gen Z content platform |
| Nov 2025 | Stratzy | $4–4.5 Mn | Algo & systematic trading for retail users |
| 2026 (In Talks) | Infinyte Club | ~$10 Mn | ESOP liquidity & private market wealth tools |
Competitive Landscape: ESOP & Private Wealth Space
| Player | Category | Positioning |
|---|---|---|
| Infinyte Club | ESOP + Private Markets | ESOP liquidity, net worth tracking for startup employees |
| Qapita | ESOP Management | Cap table & ESOP management SaaS for companies (B2B) |
| ESOP Club | ESOP Liquidity | Secondary ESOP transactions, similar to Infinyte Club |
| Dezerv | Wealth Management | HNI-focused, raised $32 Mn; broader wealth platform |
| smallcase | Thematic Investing | Basket-based investing; integrated with Dhan’s platform |
| Jiraaf / WintWealth | Alternative Investments | Fixed income & private credit — adjacent asset class |
Infinyte Club’s differentiation lies in its dual focus: it serves startup employees both as asset unlocking (ESOP liquidity) and as private market investment access — a combination that no single incumbent fully addresses. Qapita addresses ESOP management for companies (B2B), not employees (B2C). Dezerv targets HNIs with higher minimums. Infinyte Club sits in the underserved startup employee wealth management niche.
What’s Next
- If talks conclude, this will be Raise’s fourth acquisition and the largest disclosed deal in the ESOP liquidity space in India to date
- Infinyte Club’s co-founders Ankita Tandon and Joylita Saldanha are expected to continue in operational roles post-acquisition — a structure similar to the Stratzy deal
- Dhan is also reportedly exploring insurance and lending products as it diversifies beyond stockbroking — Infinyte Club’s private market access capabilities could accelerate product depth for HNI users
- Elevation Capital, lead investor in Infinyte Club’s $3.6 Mn seed round, is expected to earn a 2.5–3x return on the seed investment if the deal closes at ~$10 Mn
- SEBI’s evolving regulations on secondary ESOP transactions will be a key compliance consideration for Dhan post-acquisition.
