India: Fintech player Dhani to raise $160m from General Catalyst, Ribbit Capital

Photo: Reuters

Dhani Services Ltd, a fintech and healthtech company promoted by Indiabulls’ Sameer Gehlaut, on Wednesday said that it is raising Rs1,200 crore from investors including General Catalyst, Ribbit Capital and Gehlaut.

The leading investor in the equity raise, General Catalyst, a Silicon Valley based investor,  is investing Rs375 crore. General Catalyst has invested in companies like Stripe in the fintech space and Livongo in digital healthcare. The investment firm is focused on early-stage and growth investments in the technology sector.

The other investors in the round include Ribbit Capital, a leading global fintech investor with early-stage investments in Robinhood, Coinbase and Revolut. Gehlaut is also investing Rs375 crores alongside the other investors in the preferential round.

Dhani has over 30 lac paid monthly subscriptions and 90 lakh plus monthly active users, the statement said.

Dhani’s flagship product – OneFreedom Card provides customers with an instant credit limit along with a bouquet of additional benefits such as access to doctors, discounted medicines, instant cashbacks, free trading account and many merchant offers at a nominal monthly subscription fee starting at Rs250.

Dhani is a consumer business that operates through its app Dhani and provides transaction finance and digital healthcare to its customers. The company has a customer base of 3 crore customers spread across 500 cities in India.

The article was first published on livemint.com

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.