Sahi, the Bengaluru-based stock trading platform built by former Swiggy CTO Dale Vaz, has closed a $33 million Series B — tripling its valuation in under a year and cementing its position as one of Indian fintech’s fastest-moving bets in the F&O trading space.
The round was led by Accel, with Accel Growth contributing approximately $20 million and the balance coming from existing investor Elevation Capital. The deal values Sahi at around $200 million, up from the $60 million valuation it commanded during its Series A in June 2025 — a more than 3x jump in roughly nine months.
Sahi was founded in 2023 by Dale Vaz (CEO) and Manish Jain (CPO), a former executive at Kotak Securities. The platform began operations in January 2025 and currently offers futures and options (F&O) and cash equity trading. It has since secured a research analyst licence, though the company says it remains focused on its transactional business for now rather than broadening into wealth management.
The growth numbers behind the raise are striking. Between April 2025 and March 2026, Sahi reported a 24x increase in trade volumes and a 19x rise in active traders. The platform has executed over 13 crore trades — with 86% of that volume coming in FY26 alone — and onboarded around 4 lakh demat accounts. It recently crossed one million trades in a single day and claims to contribute roughly 3% of India’s daily trade volume.
The platform competes directly with Zerodha, Groww, and Dhan, all of which have significantly larger user bases and longer operating histories. Sahi’s bet is that its AI-native architecture allows it to operate leaner and serve performance-driven traders — a specific sub-segment within the broader retail investing wave — better than incumbents built on older infrastructure.
Swiggy co-founder and CEO Sriharsha Majety holds a 0.10% stake in the company, a legacy of Vaz’s prior role. Accel and Elevation Capital each held 20% stakes as of the Series A, with the founders collectively retaining 47.17% and an ESOP pool accounting for 12.41%.
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The fresh capital will go toward deepening the AI stack, expanding into new trading categories, and growing the user base. For a platform that went from zero to a $200 million valuation in just over a year of operations, the next question is whether Sahi can hold its momentum as competition for India’s next wave of retail traders intensifies.
