India, Oct. 6 -- Stock trading platform Dhan parent Raise Financial Services has raised $120 Mn (about INR 1,065 Cr) in a funding round valuing the startup at over $1 Bn, sources close to the development told Inc42.

The funding round was led by Hornbill Capital and Japan's MUFG. It also saw participation from other investors like existing backer BEENEXT, Ramesh Damani (DMart), DSP Family Office, JM Financial Family Office and Aashish Somaiyaa (White Oak Capital).

Inc42 has reached out to Dhan to confirm the development. The story would be updated based on their response. Hornbill Capital and MUFG confirmed the development.

ET was first to report the development. As per the report, the round valued the startup at $1.2 Bn and saw a mixtu...