Even as markets wobble and trading volumes shrink, one online broker has raced ahead. Dhan, a four-year-old broking startup, managed to grow rapidly, post profits, and raise $120 million at a $1.2 billion valuation—all in the middle of a market correction.

In this episode, we look at Dhan’s journey from a niche platform for power traders to one of India’s newest unicorns.

What's making investors so bullish on Dhan when the rest of the industry is slowing down?

Tune in.

Correction note: In this episode, the host mistakenly referred to Dhan’s raise as $120 billion; the correct figure is $120 million, led by Hornbill Capital, valuing the company at around $1.2 billion.

Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.