Dhani Services Limited is a prominent Indian technology company primarily engaged in providing technology-enabled, subscription-based healthcare and transaction finance services through its comprehensive 'Dhani' App. The company also diversifies into various business activities, including asset reconstruction and stock broking. Dhani Services Limited was originally founded by Sameer Gehlaut in 1995 as Indiabulls Ventures Limited. In October 2020, it was rebranded as Dhani Services Limited to consolidate the consumer business of the Indiabulls Group under a singular brand identity. The company was incorporated in 1995 and is headquartered in Mumbai, India.
Dhani Services Limited offers technology-enabled subscription-based healthcare and transaction finance services via its 'Dhani' App. This app serves as a central hub for customers to access a suite of integrated services. The Dhani super app combines an electronic wallet, a buy now, pay later facility, a subscription fee model, and primary healthcare services under its "OneFreedom" offering. The company's electronic wallet allows users to fund their accounts from bank accounts, enabling payments for bills, mobile recharges, gift vouchers, and bus bookings. Furthermore, the platform facilitates direct investments in stocks listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) of India.
In 2020, Dhani integrated an online pharmacy into its super app. This was further enhanced with the addition of 'Dhani Doctor,' a telemedicine service offering instant video consultations with in-house doctors. This feature provides customers with convenient primary healthcare access through immediate video calls with medical professionals.
Initially launched as Dhani Pharmacy, the 'Dhani Store' has been expanded to cater to a broader range of consumer needs. Its product offerings now encompass electronics, personal care items, daily household necessities, and groceries. The platform enables users to purchase products across various categories, including groceries, electronics, footwear, household goods, healthcare products, sports and fitness equipment, and jewelry and accessories.
Dhani Services operates a brokerage platform that provides trading services to customers at competitive prices. Additionally, the company is involved in stock and commodity broking services, the cross-selling of real estate, and the asset reconstruction business of stressed assets, alongside securitization and other related ancillary services.
Dhani Services Limited's significant subsidiaries include:
- Dhani Loans and Services Limited (formerly Indiabulls Consumer Finance Limited)
- Indiabulls Asset Reconstruction Company Limited
- Dhani Stocks Ltd (formerly Indiabulls Securities)
- Indiabulls Investment Advisors Limited
- Auxesia Soft Solutions Limited
- Indiabulls Distribution Services Limited
- Pushpanjli Finsolutions Limited
- Devata Tradelink Limited
- Arbutus Constructions Limited
- Gyansagar Buildtech Limited
- Savren Medicare Limited (formerly Savren Buildwell Limited)
- Dhani Healthcare Limited (formerly Pushpanjli Fincon Limited)
- Indiabulls Alternate Investments Limited
- Indiabulls Infra Resources Limited
- Indiabulls Consumer Products Limited
- Transerv Limited
- Dhani Health Middle East FZ LLC (Foreign company)
- Dhani Limited (Foreign company)
- Dhani Ltd (Foreign company)
Dhani Services Limited holds a market capitalization of ₹4,147 Crore as of July 10, 2025. According to Value Research's classification, it is categorized as a Small Cap company. Promoter holding in Dhani Services Limited increased to 29.14% as of March 2025, up from 29.13% as of June 2024.
Dhani Services reported a consolidated net profit of ₹7.18 Crore for Q1 FY2025, marking a recovery from a net loss of ₹85.51 Crore in the corresponding prior-year period. However, sales saw a decline of 23.57% to ₹89.85 Crore. For the full fiscal year, the company recorded a net loss of ₹54.82 Crore, an improvement compared to the ₹375.21 Crore net loss in the previous fiscal year.
- Revenue: ₹135.60 Crore as of March 2025 (Q1 FY25)
- Net Profit: ₹6.29 Crore as of March 2025 (Q1 FY25)
Dhani Services Limited's revenue increased by 1.48% year-on-year to ₹109.13 Crore in Q3 FY2024-2025. The company's net profit saw a substantial jump of 105.21% year-on-year to ₹4.66 Crore in the same quarter.
The revenues for DHANI SERVICES stood at ₹4,794 million in FY24, a decrease of 43.1% compared to ₹8,429 million reported in FY23. The net loss for DHANI SERVICES was ₹-3,739 million in FY24, showing an improvement from the ₹-4,813 million reported in FY23.
- P/B Ratio: Dhani Services Limited's Price-to-Book ratio is 1.46 times as of July 10, 2025, representing a 30% discount to its peers' median range of 2.08 times.
- P/E Ratio: Since the trailing twelve months (TTM) earnings of Dhani Services Limited are negative, the P/E ratio is not available.
- Return on Equity (ROE): The company has a low ROE of -7.90% over the last three years.
The company has been actively pursuing significant restructuring initiatives. Dhani reported its audited FY25 results, which included an impairment of ₹672 Crore and a net loss. The company also approved an amalgamation scheme. Dhani Services Limited continues to meet various regulatory approvals and compliance requirements as it navigates its transformation strategy.
Dhani Services Limited has shown signs of recovery with recent profitable quarters, although revenue challenges persist. The company has experienced poor sales growth of -33.0% over the past five years. However, Dhani has successfully reduced its debt, presenting it as a potential turnaround story within the fintech sector.
Dhani Services Limited has delivered a return of 25.63% in the last three years. The company's diversified business model, encompassing digital payments, healthcare, e-commerce, and financial services, positions it favorably to capitalize on India's burgeoning digital economy. Nevertheless, successful execution and sustained profitability remain critical challenges.
