Former Swiggy CTO’s Trading App Sahi Targets $500 Million Valuation
Sahi seeks $50 million in new funding to challenge India's established discount brokerage giants.
1Strategic Fundraising Ambitions
Sahi, the stock trading platform founded by former Swiggy CTO Dale Vaz, is currently in early-stage discussions to raise between $40 million and $50 million. The company is targeting a valuation of $400 million to $500 million. They have engaged an investment bank to manage this capital raise from domestic and international venture firms.
2Aggressive Pricing Strategy
To compete with incumbents like Groww and Zerodha, Sahi offers a flat brokerage fee of ₹10 per futures and options order. This pricing is significantly lower than the standard ₹20 charged by major rivals. The company aims to attract active traders who prioritize cost savings alongside a streamlined, high-speed digital product experience.
3Product Differentiation Focus
Sahi differentiates itself by consolidating charts, order execution, and portfolio tracking onto a single screen to reduce cognitive load. The platform features an AI assistant named Kyro, which helps users analyze market data and create custom indicators using plain-language instructions. This integrated approach aims to simplify complex trading workflows for retail investors.
4Rapid Growth Trajectory
As of September 2025, Sahi reported 281,028 active clients on the NSE, securing a 0.61% market share. Despite being a smaller player, the firm achieved an 11% growth in its active client base from August to September. This represents the fastest growth rate among the top 20 brokers currently operating in the Indian market.
5Market Context and Revenue
Discount brokers now dominate the Indian market, accounting for 76-78% of active NSE clients in FY25, up from 38-40% in FY20. The broader wealth management sector represents a massive revenue opportunity projected to reach up to ₹2.6 trillion by FY30. Sahi relies heavily on frequent traders who generate the bulk of transaction volume.
6Competitive Landscape Challenges
Sahi faces intense competition from well-funded rivals. Groww, which leads the market with 13.45 million active clients, recently listed with a market value of ₹1.24 trillion. Meanwhile, Zerodha remains a profitable entity without external funding, and Dhan’s parent company recently secured a $1.2 billion valuation, highlighting the high barrier to entry for new platforms.
7Targeting Active Investors
The company is intentionally avoiding mass-market acquisition strategies, focusing instead on users who seek active control over their financial future. By leveraging word-of-mouth referrals and educational content, Sahi aims to keep customer acquisition costs low. They prioritize high-frequency traders, as those trading over 100 times monthly constitute 80% of their total transactions.
8Future Market Positioning
Sahi’s valuation target represents a 2.5x increase from its $200 million valuation in April 2025. By combining in-house charting technology with competitive pricing, the startup attempts to carve out a niche among traders dissatisfied with fragmented interfaces. Success will depend on maintaining this growth momentum while navigating a highly consolidated and competitive brokerage landscape.