### **Overview** Dhani Services Ltd. (formerly Indiabulls Ventures Limited) is a technology-driven, diversified financial services and real estate development company operating under a digital-first, customer-centric philosophy. Over recent years, the company has successfully transformed from a traditional retail broking and lending firm into an integrated fintech and lifestyle platform, with expanding interests in real estate, capital markets, digital payments, and asset reconstruction. As of November 2025, Dhani Services Ltd is a **partly paid-up company**, reflecting ongoing capital structuring and investment in high-growth verticals—particularly in real estate development and next-generation fintech platforms. --- ### **Core Business Segments (as of Aug 2025)** Dhani operates across **four key business verticals**: 1. **Real Estate Development** – Now the company’s primary focus, targeting high-demand micro-markets with residential and commercial projects in Gurgaon and Mumbai. 2. **Stock Broking (Indiabulls Securities)** – Rebranded and rebuilt as a next-gen digital trading platform targeting both retail and institutional investors. 3. **Digital Payments & UPI Services** – Including Dhani UPI, RuPay Prepaid Cards, and 'dhanipay' digital wallet for comprehensive financial transactions. 4. **Asset Reconstruction** – Conducted through its ARC subsidiary, providing end-to-end financial recovery and restructuring services. Additionally, the company continues to operate an **e-commerce marketplace (Dhani Store)** and digital healthcare services, though monetization efforts have shifted to prioritize fintech and real estate. --- ### **Strategic Developments & Key Highlights** #### **1. Rebranding & Revamp of Broking Business (Aug 2025)** - Dhani’s stock broking arm has been rebranded to **Indiabulls Securities**. - The platform now offers **modernized mobile, web, and desktop interfaces**, catering to both casual and professional traders. - Key Offerings: - **IB Algo**: A no-code algorithmic trading suite for retail investors. - Real-time F&O analytics, advanced charting, and institutional-grade infrastructure. - Full-service investment options: Mutual Funds, Bonds, IPOs, ETFs, NFOs, and more. - Positions Dhani as a **next-generation digital broker**, aligned with India’s rising digital investor base. #### **2. Real Estate Expansion – New Flagship Projects (Aug 2025)** The company has established real estate as its new growth engine: - **Indiabulls Estate & Club – I**, Gurgaon (24 acres, residential) - Phase 1 launched; **55% inventory sold** (INR 1,100 crore value). - **Indiabulls Green Avenue**, Kharkhoda (plotted development) - RERA-registered; launch expected in **Q2–Q3 FY25-26**. - **Indiabulls Tower**, Mumbai (commercial, 2.6 lakh sq ft leaseable area) - Construction set to begin in FY25-26 after all statutory approvals. - Acquired strategic land parcels in Gurgaon (17 acres) and Mumbai (0.57 acres), with combined development potential of **over 5.2 million sq ft**. - Focus: Value-accretive, compliant, high-quality developments in urban micro-markets. - Strong balance sheet with **disciplined capital allocation** to support future growth. #### **3. Digital & Fintech Platforms: Integrated Financial Hub (Aug 2025 – Sep 2024)** Dhani Platform serves as a **one-stop digital financial services ecosystem**: - **Dhani Stocks**: - Offers trading across equities, derivatives, commodities, and currency. - Zero-cost brokerage on selected trades, margin trading, and easy digital account opening. - Plans to launch algorithmic trading tools and expand Mutual Fund & NFO offerings. - **Dhani UPI & Payments**: - NPCI-certified UPI platform with P2P and P2M services (pay-to-VPA, Scan & Pay). - RuPay Prepaid Cards with **NCMC certification** for metro and transit use. - 'dhanipay' wallet for recharges, utility bills, credit card payments, insurance, and loan repayments. - **Transerv Integration**: - Integrated with **BBPS and non-BBPS billers**, enabling access to over 1,000 utility and recharge services. - **E-commerce (Dhani Store)**: - Marketplace model with 10+ lakh products across 100+ categories (pharmacy, fashion, electronics, groceries). - Operates as third-party supplier model; capital-efficient with supplier payout cycles aligned with customer credit terms. - Dhani Plus Membership: Annual fee (INR 500), offers up to INR 50,000 zero-interest credit, 2% cashback, and free delivery. #### **4. Leadership & Governance** - **Mr. Divyesh B. Shah** – CEO and Executive Director of Dhani Services Ltd. (Reappointed in 2023). - 25+ years of leadership in the Indiabulls Group. - Instrumental in transforming Dhani from a retail broker into a diversified fintech and real estate conglomerate. - Led the 2020 rebranding of Indiabulls Ventures to Dhani Services Ltd. - **Mr. Pinank Jayant Shah** – CEO of Dhani Loans and Services Limited (wholly owned NBFC subsidiary). - **Mr. Amit Ajit Gandhi** – Non-Independent Non-Executive Director. - **Mr. Gagan Banga** – Non-Executive Director with strong background in housing finance. #### **5. Technology & Sustainability Initiatives** - Operates on a **modular, in-house developed tech platform** with dedicated product and engineering teams. - Data-driven approach to enhance user experience, credit underwriting, and customer engagement. - Sustainability Focus: - No manufacturing or hazardous waste generation. - Digital processes to reduce paper, fuel, and energy consumption. - Encourages **glass bottle use** to minimize plastic waste. - Sustainable sourcing policies across construction and supply chain partners. --- ### **Financial & Market Position (as of Aug 2025)** - **Market Capitalization**: INR 3,000 crore (as of Sep 2024). - **Real Estate Pipeline**: Multiple projects underway with strong pre-sales traction and regulatory compliance. - **Stock Broking Segment**: - INR 7.40 billion in consolidated revenue in FY 2023. - 70,000+ active paid customers as of FY23. - **E-Commerce & Digital Services**: - Over **52 million cumulative customers** served since inception (as of Sep 2022). - 78 lakh paid individual customers in FY22; ~61 lakh active. - **ARR Run Rate** (Nov 2021): Revised to **$250 million** (up from $170 million), driven by fintech (80%) and e-pharmacy/healthtech (20%). --- ### **Strategic Transition & Business Model Shifts** | **Period** | **Shift** | **Details** | |-----------|--------|------------| | **2021–2023** | Exit from Legacy Lending | Wound down unsecured personal loan portfolio; moved to subscription-based, zero-interest “shop now, pay later” models. | | **2022** | E-commerce Model Change | Transitioned from inventory-led to marketplace model for higher scalability and lower capital intensity. | | **2020–2021** | Focus on Digital Health & Subscriptions | Expanded Dhani Doctor (24/7 teleconsultations), e-pharmacy, and subscription bundles (OneFreedom, Health365). | | **2025** | Pivot to Real Estate & Broking | Real estate now core business; broking rebranded and enhanced with algorithmic and institutional tools. | --- ### **Regulatory & Compliance** - Dhani UPI services are **NPCI-certified (FY23)**. - Real estate projects **RERA-registered**, with statutory approvals secured. - Compliant with **RBI regulations on digital lending and prepaid instruments** (post-2022 changes). - NBFC subsidiary (Dhani Loans and Services Ltd) regulated by RBI as a Systemically Important Non-Deposit Taking company.