Ex-Swiggy CTO's stock trading app Sahi said to raise up to $80m

Sahi, an Indian stock trading platform co-founded by former Swiggy CTO Dale Vaz, is in advanced talks to raise US$60 million to US$80 million from Accel’s growth fund and other investors, people familiar with the matter said.

The round could value Sahi at around US$250 million, which the people said is up from around US$60 million.

Accel and Elevation Capital invested US$10.5 million in June 2025.

Founded in 2023 by Vaz and former Kotak Securities executive Manish Jain, Sahi reported 3 crore rupees (US$323,094) in revenue and 19 crore rupees (US$2.04 million) in net loss in FY25, and NSE data shows it has about 110,000 active traders.

The fundraising talks come as Sebi tightens rules for derivatives trading, and the NSE says India’s active trader count fell to around 45 million in Feb 2026 from nearly 50 million a year earlier.

🔗 Source: The Economic Times

🧠 Food for thought

Implications, context, and why it matters.

Sahi targets a small but highly active slice of the market

Sahi skips the mass market and instead caters to a narrow group of active futures and options (F&O) traders 1.
The product centers on tools such as “Sahi Scalper” for fast trades, chart-based trading, and an options strategy builder 1.
The approach drives heavy usage, with over 20% of users completing more than 500 trades within five months of launch 2.
Pricing sits at ₹10 per executed order, and Sahi puts its brokerage at roughly half the rate of major competitors 3, 2.

New regulations may increase compliance burdens in retail algo trading

The fundraising lands alongside new Securities and Exchange Board of India (SEBI) rules for algorithmic trading, which become fully mandatory from April 1, 2026 4.
The rules require algorithm registration and order tagging, while also giving brokers (firms that execute trades for investors) more compliance and monitoring work 4, 5.
Added obligations could increase costs for brokers and algorithm providers, which may favor well-funded, tech-first platforms that can absorb the workload.
Sahi plans to use the funding to add advanced automation that fits SEBI’s move to open algorithmic trading to retail investors 2.