Broking firm Sahi has raised about $33 million in a funding round led by venture capital firm Accel Global, more than tripling its valuation to about $200 million, the company’s top executives told Mint.
Less than a year ago, it had raised funds at a valuation of $60 million.
“It has come on the back of the trajectory of the business in terms of how fast we have been able to grow, but more importantly, it’s the quality of the business,” said Dale Vaz, founder and chief executive, Sahi.
Accel Global led the round with a $20 million , with the rest coming from existing investors Elevation Capital and Accel Partners India. This takes the company’s total funding to over $43 million in under 18 months of operations.
Founded in December 2024 by former Swiggy chief technology officer Dale Vaz and ex-Kotak Securities executive Manish Jain, Sahi offers a chart-first interface with features like real-time Greeks, open-interest tracking, technical indicators and one-click execution.
Expansion on cards
“Since launch, we’ve been able to onboard about 400,000 demat accounts. Right now, we’re within the top 30 brokers in India,” said Vaz.
With the , the new-age broking firm will invest in scaling its user base and expanding into newer categories. “We want to expand the product categories we want to offer traders—move into related categories like commodities, margin funding and mutual funds,” said Vaz.
Agentic AI is another ambition it is chasing. “The second big use would be building AI features that are user-facing. Something intelligent, contextualized, personalized and deeply integrated into the trading journey—helping users with real-time signals, contextual nudges, position sizing, helping them be more disciplined, and overall helping them trade better,” said Manish Jain, co-founder and chief product officer of Sahi.
“That will be one key horizontal thread across all our product categories, and we’ll focus on that over the next 12 months as well.”
Sustainability of offerings
One big reason Vaz ascribed to Sahi’s success in growing its user base was the company’s proprietary charts. He explained that most existing online brokers use charts from third-party providers.
Jain added that it also gives Sahi more freedom in automating the chart segment, which is 90% of the interface. “It’s also the ability for me to control that real estate because, for traders, charts are the most important thing. I have the ability, what data I want to put, what execution capability I want to put, what user experience I want to put in that 90% of real estate,” said Jain.
The other, Vaz believes, is the pricing advantage. “Our brokerage is 50% lower than the market. We charge only ₹10 per order, over the market average of ₹20,” he said.
Vaz added that, as an AI-native company, it had the advantage of building everything with a lean team, which has helped the firm keep costs down.
Although Vaz noted that the company is currently loss-making, he said its focus is on gaining share as a new challenger against large incumbents.
“AI is increasingly moving beyond efficiency gains to influencing how financial services are designed and delivered,” said Navin Honagudi, managing partner at Elev8 Venture Partners.
However, investors are wary of AI-native firms’ potential to disrupt core areas such as broking and payments, given incumbents’ strong advantages in trust, distribution and regulation.
“The disruption won’t come from pure replacement, but from AI-native companies building on top of existing rails. Over time, this will evolve into a new class of financial institutions, but the shift will be gradual, not sudden,” said Honagudi.
Early use cases in underwriting, claims and customer servicing remain promising, he said.