At USD 3 Bn Valuation Wealth Management Platform Upstox Likely to Be the Next Unicorn
In the Tiger Global led the funding round, Upstox will raise close to $150 Mn-200 Mn. Earlier, Upstox has closed a $25 Mn Series B round from Tiger Global. The startup has earlier raised $4 Mn in its Series A round from Kalaari Capital and GVK Davix.
RKSA Securities, the parent company of Upstox was founded by Shrini Viswanath, Raghu Kumar and Ravi Kumar in 2008. It started as a proprietary trading firm but with the launch of Upstox in 2012, it ventured into retail brokerage. The startup offers advisory services, online stock market investment services, mutual investments and a lot more. On its platform, Upstox claims to have over 5 Mn investors.
For starting a demat account through its platform, the online stockbroking platform claims that it does not charge anything for making any IPO and mutual fund investment. It charges ₹249 for opening an account online and ₹20 for trading in equity, F&O, commodity and currency.
Several Millenials who were insouciant towards the stock market are now actively investing with the advent of online stockbroking platforms. From its current market size of $20 Bn, the Indian investment tech market is poised to grow to over $60 Bn by FY25. Apart from Groww, Upstox and Zerodha, Amazon-backed Smallcase, Vijay Shekhar Sharma’s Paytm Money and ETMoney are also tapping the market.