Company Background
Founded in 2023 by former Swiggy CTO Dale Vaz and ex-Kotak Securities executive Manish Jain, Sahi is a Bengaluru-based broking platform tailored for performance-driven traders. Since launching operations in January 2025, the company has rapidly established itself as an AI-native competitor in the Indian stock trading market, focusing on futures and options (F&O) and cash trading services.
Deal Terms & Investors
The $33 million Series B round was led by Accel, with participation from Elevation Capital. Accel Growth specifically contributed $20 million of the total raise. The investment values the company at $200 million, marking a 3x valuation jump from its $60 million Series A valuation just one year prior.
Investor Breakdown
- Accel: Lead investor (Series A & B)
- Elevation Capital: Co-investor (Series A & B)
Traction & Growth
Sahi has demonstrated hyper-growth since its inception:
- Trade Volume: 24x increase between April 2025 and March 2026.
- User Base: 19x growth in active traders; ~400,000 demat accounts opened.
- Platform Activity: Over 130 million total trades executed, with a current run rate exceeding one million trades per day.
Market Context & Strategy
Operating in a crowded landscape dominated by giants like Zerodha, Groww, and Dhan, Sahi is betting on its ‘AI-native’ architecture to optimize trading outcomes and maintain operational leaness. While the company holds a research analyst license for advisory services, it remains firmly focused on its core transactional brokerage business for the time being.
Founder Takeaways
Sahi’s trajectory underscores that even in saturated markets, vertical-specific platforms can gain rapid market share by leveraging superior tech stacks and AI-driven UX to solve specific pain points for high-frequency traders. The ability to triple valuation in a single year demonstrates that high-utility metrics (like daily trade count and active user growth) remain the primary drivers of investor conviction in the Indian fintech sector.