Accel is an existing backer of Sahi, along with Elevation Capital, having pumped $10.5 million last June.
The ongoing round could push up Sahi’s valuation fourfold to around $250 million in under a year from $60 million, these people said on condition of anonymity.
“After the successful listing of Groww and the fundraise of Dhan, there has been a lot of interest in the sector. It’s an attractive opportunity. They are already clocking around $10 million in annual revenue run rate,” another person in the know said.
To be sure, Groww has a market value in excess of Rs 1 lakh crore, while another discount brokerage – Angel One – has a market capitalisation of about Rs 22,000 crore.
Emailed queries to Sahi and the other investors did not elicit a response.
“Acquiring customers and retaining them is still a major challenge that Sahi is facing,” the person added.
Founded in 2023 by Vaz and Manish Jain, who was a senior executive at Kotak Securities, Sahi competes with the likes of Mumbai-based Dhan, listed stock broker Groww and Bengaluru-based Zerodha.
Speaking with ET back in June 2025, Vaz had said that he plans to build Sahi as a platform which can cater to the end-to-end requirements of retail traders, with a special focus on automation and building algo-trading capabilities for retail traders.
According to data from NSE, Sahi has around 110,000 active traders, a base which has been built up over one year. Its rival Dhan has built a base of more than a million traders. Groww has a base of around 12 million active traders and Zerodha has around 6.8 million active traders as of February this year.
“The idea behind Sahi is that it will create fresh products which can disrupt large players like Groww and Zerodha, while it might take time. That is the idea driving this platform,” said a senior executive at a US-based venture capital firm.
According to its filings with the corporate affairs ministry, Sahi has reported Rs 3 crore as revenue and a net loss of Rs 19 crore in FY25.
While Sahi is being built at a time that the Indian wealthtech ecosystem is opening up to new-age players, the stock brokers are facing a hard time with the slowdown in the stock markets.
NSE data shows that the total number of active traders in India has fallen to around 45 million in February 2026 from close to 50 million in February 2025. NSE defines an active trader as one who has placed atleast one trade in a year.
With stock market regulator Sebi cracking down on unchecked trading activities in the highly risky derivatives market, stock brokers across the spectrum have reported a major slowdown in business.
Zerodha, the largest stock broker in terms of revenues and profits, reported a 15-20% impact on the business in the last financial year mainly due to the regulatory action on futures and options (F&O).
