Sahi raises $33 million Series B funding led by Accel at $200 million valuation

Sahi, the Bengaluru-based broking platform founded by former Swiggy CTO Dale Vaz, has raised $33 million in a Series B funding round led by Accel, with participation from Elevation Capital. The round, announced on April 29, 2026, values the AI-native brokerage at around $200 million — a more than 3x jump from its Series A close less than a year ago.

Inside the Sahi Series B funding round led by Accel

Accel led the round through its dedicated growth fund, Accel Growth, which contributed approximately $20 million. Elevation Capital, an existing backer, also participated alongside other returning investors.

The fresh capital arrives within a year of Sahi’s $10.5 million Series A in June 2025, which valued the company at around $60 million. The latest round therefore marks a more than threefold increase in valuation in under twelve months.

The startup said it will deploy the funds to deepen investments in its technology and AI stack, expand its product suite into new trading categories, and scale its user base.

Dale Vaz and Manish Jain build an AI-native broking platform

Founded in August 2023 by Dale Vaz, who previously served as Swiggy’s chief technology officer, and Manish Jain, a former Kotak Securities executive, Sahi began commercial operations in January 2025. The company operates under Aaritya Broking Private Limited and is registered as a broker with both the National Stock Exchange (NSE) and BSE.

Sahi currently offers futures and options (F&O) and cash trading services. The startup has also secured a research analyst licence to offer investment advisory services, although it has signalled that it will stay focused on its transactional business rather than entering the broader wealth management segment for now.

The platform has built its trading stack in-house, including proprietary charting, order execution, and automation tools for risk management — capabilities the company says have resonated with active derivatives traders.

Accel and Elevation Capital back Sahi’s growth ambitions

“India has over 45 million active investor accounts, but most active traders and investors still struggle with the complexity and effort of making informed decisions,” Dale Vaz, co-founder and chief executive of Sahi, said. “We built Sahi because we believe retail investors and traders deserve more — clean and clutter-free UI, fast execution, professional-grade insights, and a platform that helps them trade with confidence and clarity. This round lets us go deeper on that bet.”

Manasi Shah, Principal at Accel, said the rise of active retail trading in India is structural rather than cyclical, and that platforms serving this community must reflect that ambition. She added that over the past year, Dale, Manish, and the team have demonstrated an impressive pace of product innovation.

Sahi growth metrics ahead of the $33 million Series B

Between April 2025 and March 2026, Sahi reported a 24x increase in trade volumes and a 19x growth in active traders.

The platform has executed over 13 crore trades to date, with more than 86 percent of these coming in FY26 alone. Sahi has onboarded around 4 lakh demat accounts and contributes roughly 3 percent of daily trades on Indian exchanges, with its platform recently crossing one million trades per day, according to the company.

As of its Series A round, Elevation Capital and Accel each held a 20 percent stake in Sahi, while co-founders Dale Vaz and Manish Jain collectively retained 47.17 percent. The ESOP pool accounted for 12.41 percent, and Swiggy co-founder and chief executive Sriharsha Majety held a 0.10 percent stake.

What Sahi’s funding means for India’s discount broking market

Sahi enters a fiercely competitive Indian broking landscape that includes Zerodha, Groww, and Dhan. The company is betting on its AI-native architecture to stay operationally lean while improving trading outcomes for performance-driven users.

The funding also comes at a challenging moment for Indian stock brokers. Market regulator SEBI has tightened rules around unchecked derivatives trading, prompting a slowdown in industry volumes. Zerodha, the largest broker by revenue and profit, reported a 15 to 20 percent business impact in the last financial year, mainly due to regulatory action on the F&O segment.

Against that backdrop, Sahi’s bet is that a lean, AI-led tech stack can convert active retail traders into long-term users, and that there is still meaningful room to differentiate in a market dominated by larger incumbents. For more updates on India’s evolving startup funding landscape, readers can follow ongoing coverage on KnowStartup.

Author

Sachin

Sachin Sidharth is a Digital Marketing professional with a master’s degree in Digital Marketing from Coventry University, UK. He has 10+ years of blogging and online marketing experience. He currently heads Digital Acquisition for a leading London-based Fintech firm. At KnowStartup.com He focuses on writing Digital Marketing guides and manages...

Sachin Sidharth is a Digital Marketing professional with a master’s degree in Digital Marketing from Coventry University, UK. He has 10+ years of blogging and online marketing experience. He currently heads Digital Acquisition for a leading London-based Fintech firm. At KnowStartup.com He focuses on writing Digital Marketing guides and manages KnowStartup's Digital Agency rankings of firms across multiple cities in India. You can reach him on Linkedin.

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