Upstox a Mumbai-based online stock broking company has received a fund worth $25 million from American fund house Tiger Global Management in its second round of institutional funding.

In the year the company raised $4million in its round of investment.Upstox provides platform to retail investors to trade in the equity market.Apart from stock trading, Upstox is also exploring mutual fund investments.

“We have been profitable over the last two years, hence the new fund infusion will primarily be used for expanding our business, strengthening our product platform and building a strong team: said Ravi Kumar, cofounder, Upstox.Upstox is trying to increase its headcount from 180 full-time employees to 300.

Ravi Kumar said they were trying to make new generation invest more actively in the stock markets. The results are promising as far as small cities and towns are concerned. He further added that Upstock is endeavouring to attract more customers from these areas by investing in attractive products.

The contribution of the platform is over 3 per cent of the national trades conducted across exchanges in India. Scott Sheifer who is a partner in Global Management said that the retail brokerage industry has not been penetrated completely and that they were excited to invest in Upstox as it tries to make investment more easy and accessible in India. He further added that the prospect for gaining market share for Upstox is bright due to the growing opportunities in the market.