Sahi, a Bengaluru-based stock trading startup focused on active derivatives traders, has raised $33 million (about ₹300 crore) in a Series B round led by Accel’s growth fund, with participation from existing backer Elevation Capital. The deal values the company at nearly $200 million, almost tripling its valuation since 2025, as it doubles down on technology and product expansion.
Funding details and ownership changes
Co-founders Dale Vaz, former CTO at Swiggy, and Manish Jain, previously with Kotak Securities, launched Sahi in August 2023 to serve high-frequency Futures and Options (F&O) traders. Following the latest infusion, the founders’ combined holding stands at around 38.5%.
Accel has emerged as the largest shareholder with approximately 29.6%, while Elevation Capital holds close to 19.6%, according to people familiar with the cap table. The company has also expanded its employee stock option pool to attract and retain specialised talent as it scales operations.
Strategy amid tighter market conditions
The fundraise comes as India’s online trading ecosystem sees heightened regulatory scrutiny and a moderation in retail participation. Against this backdrop, Sahi is positioning itself to compete with entrenched discount brokers such as Zerodha, Groww, and Upstox through a technology-led offering tailored to active traders.
Product focus and growth metrics
Sahi reports significant growth between FY25 and FY26, citing a sharp rise in active users and trading volumes. The platform says it now processes over one million trades daily, driven by AI-powered trading tools, low-latency charting, and advanced F&O features.
The broker operates a flat-fee model of ₹10 per executed order, undercutting many rivals to appeal to high-volume traders. Management says the fresh capital will be deployed to strengthen infrastructure, enhance risk and analytics systems, and broaden the product suite.
Financial outlook and expansion plans
Regulatory filings indicate the company remains loss-making at this early stage, reflecting sustained investments in technology, customer acquisition, and compliance. Sahi plans to extend its offerings to commodities, mutual funds, margin trading, and other wealth and investment products, subject to regulatory approvals.
Industry context
- India’s F&O market has seen rapid retail adoption, prompting the Securities and Exchange Board of India (SEBI) to tighten risk norms and disclosures.
- Low-cost brokerage, robust risk management, and advanced analytics have become key differentiators for brokers targeting sophisticated and frequent traders.
