This Upstox company profile covers the company's valuation, revenue, funding rounds, investors and history. Upstox works in fintech, with a focus on online brokerage. It was founded in 2009 and is headquartered in Mumbai, Maharashtra, India. Its latest valuation on record is About US$3.4–3.5 billion (estimated) (November 2021). Every figure links to a public source, and anything the company hasn't disclosed is marked as such.
Revenue
Funding history
| Date | Round | Amount | Valuation | Investors | Source |
|---|---|---|---|---|---|
| Nov 2021 | Series C | US$25M (Tiger Global portion per filings) | About US$3.4–3.5B (estimated) | Tiger Global | Entrackr |
Upstox timeline
Key dates from the sources on this page, oldest first. Metric snapshots are listed after the funding events.
- 2009 — Upstox is founded in Mumbai by Ravi Kumar (CEO), Raghu Kumar and Shrini Viswanath.
- Nov 2021 — Series C: US$25M (Tiger Global portion per filings), valuing the company at About US$3.4–3.5B (estimated). Investors: Tiger Global.
Investors
Overview
Upstox is one of India's largest online stock brokers. Through its app and website, retail investors trade shares, derivatives, mutual funds, initial public offerings, bonds and other products at low cost. Upstox was part of the wave of "discount brokers" that transformed Indian investing by charging low, flat fees and offering simple digital account opening, attracting millions of first-time investors during the market boom that began in 2020.
The company was founded in 2009 as RKSV Securities by Ravi Kumar, Raghu Kumar and Shrini Viswanath and is based in Mumbai. Tiger Global is its largest shareholder, and Ratan Tata was an early investor. In 2021 Upstox became a unicorn: regulatory filings showed a US$25 million investment from Tiger Global, and Entrackr estimated a post-money valuation of about US$3.4 billion, with other reports citing around US$3.5 billion. In August 2026 Bloomberg-sourced reports said Upstox had held preliminary talks with bankers about an IPO that could raise about US$400 million; no draft prospectus had been filed at the time of those reports.
Products
- Stock trading: equities on Indian exchanges, with intraday and delivery trading.
- Derivatives: futures and options trading.
- Mutual funds: direct mutual fund investments without commissions.
- IPOs and bonds: applications for new listings and fixed-income products.
- Research and tools: charts, screeners and market information.
- Margin trading and other services: leveraged products and value-added services.
Funding
Upstox raised early funding from investors including Kalaari Capital and GVK Davix, and Ratan Tata invested in 2016. Tiger Global invested in 2019 and again in 2021, when filings showed a US$25 million allotment that pushed Upstox into unicorn territory. One report claimed a larger US$200 million round, but other sources cite the US$25 million figure. Inc42 reported that Tiger Global held about 38.5% of Upstox as of September 2025.
Business model
Upstox earns brokerage fees on trades, particularly intraday and derivatives trades, along with income from margin trading, interest on client funds where permitted and other services. Like other Indian brokers, its revenue depends heavily on trading activity, especially in derivatives, which surged in recent years. Regulatory changes by SEBI, India's securities regulator, to curb speculative derivatives trading in 2024 and 2025 affected industry volumes.
Competition
Upstox competes with Zerodha, India's largest broker by active clients; Groww, which listed publicly in 2025; Angel One; and brokerage services from banks and fintech apps such as PhonePe's Share.Market. Competition centres on fees, app experience, product range and trust.
Upstox at a glance
Upstox is a Mumbai online brokerage founded in 2009 by Ravi Kumar, Raghu Kumar and Shrini Viswanath. It offers low-cost trading and investing to millions of Indian retail investors. It became a unicorn in 2021 with Tiger Global at an estimated valuation of about US$3.4 billion to US$3.5 billion, and was reported in August 2026 to be in early IPO talks.
Timeline
- 2009: founded as RKSV Securities, later renamed Upstox.
- 2016: Ratan Tata invests.
- 2019: Tiger Global invests.
- 2021: becomes a unicorn after further Tiger Global investment.
- 2024–2025: SEBI tightens derivatives rules, affecting trading volumes.
- August 2026: reported preliminary IPO talks for about US$400 million.
India's retail investing boom
Since 2020, India has seen tens of millions of new investors open trading accounts, driven by low-cost apps, simple digital identity verification, rising incomes and strong stock market returns. Systematic investment plans in mutual funds have also grown steadily. This boom made discount brokers among India's most valuable fintech companies. The challenge is sustaining growth as markets fluctuate and as regulators act to protect inexperienced investors from losses in derivatives.
Regulation and derivatives
SEBI studies showed that most individual traders in equity derivatives lose money. In response, it introduced measures in 2024 and 2025 such as larger contract sizes, fewer weekly expiries and stricter margin requirements. These reduced derivatives volumes, which had been a major source of revenue for brokers. Brokers have responded by diversifying into mutual funds, wealth products and lending.
Who funds Upstox
Upstox's investors include Tiger Global, Ratan Tata, Kalaari Capital and GVK Davix.
Valuation context
Groww's public listing in 2025 provided a benchmark for Indian brokers, and reports said Upstox's IPO interest followed Groww's strong debut. Our guides to the largest Indian startups and upcoming tech IPOs provide context.
Risks
- Estimated valuation: its valuation is an estimate from 2021.
- Regulation: SEBI rules on derivatives affect revenue.
- Market cycles: trading volumes fall in weak markets.
- Competition: Zerodha, Groww and Angel One compete strongly.
Questions for investors using the app
- What are the fees for your trading and investing style?
- How reliable is the platform during busy market hours?
- What research and tools are included?
- How are client funds and securities protected?
How discount brokers changed Indian investing
Before discount brokers, most Indian investors traded through full-service brokers that charged a percentage of each trade, required paperwork and often pushed products through relationship managers. Discount brokers flipped that model. They charged a flat fee per order, or nothing at all for long-term equity delivery trades, and moved account opening online using digital identity checks. This made investing affordable for people with small savings and opened markets to young investors in smaller towns. Upstox, Zerodha, Groww and Angel One captured most of this growth, and their combined active client base now runs into tens of millions.
The shift also changed how investors behave. Mobile apps put markets in people's pockets, and trading became more frequent, especially in options. Brokers earn more from active traders than from long-term investors, which creates a tension between business incentives and investor welfare. Regulators have responded with rules on margins, disclosures and derivatives. The brokers that will do best over time are likely to be those that build long-term relationships through mutual funds, retirement products and advice, rather than relying on speculative trading volumes.
Upstox and the Tata connection
Ratan Tata's investment in 2016 gave Upstox credibility at an early stage, when many Indian investors were still unfamiliar with app-based brokers. Backing from a respected business figure helped reassure customers and partners. Tiger Global's later investments provided growth capital and made it Upstox's largest shareholder. A public listing would give these investors a chance to realise returns, and would give retail customers the option to own shares in the platform they trade on.
What to watch
Watch for a draft prospectus filing with SEBI, active client numbers, diversification beyond derivatives and profitability.
Takeaways
Retail investors have low-cost access to markets. Founders can see how regulation shapes fintech business models. Investors should watch IPO progress and regulatory changes.
Sources
Every figure on this page comes from the public sources below. Where sources disagreed, we used the company's own announcement or a primary news report. Private-company data changes; check the date beside each figure.
Frequently asked questions
What does Upstox do?
Upstox is a fintech / online brokerage company headquartered in Mumbai, Maharashtra, India. It was founded in 2009.
What is Upstox's valuation?
Upstox was valued at About US$3.4–3.5 billion (estimated) as of November 2021, according to Entrackr. Private company valuations are set at funding rounds or share sales and can change significantly between them.
How much revenue does Upstox make?
Upstox is a private company and has not publicly disclosed its revenue. Figures on third-party sites are usually modelled estimates rather than numbers reported by the company.
What was Upstox's latest funding round?
The most recent financing we have verified is a series c in Nov 2021: US$25M (Tiger Global portion per filings), at a valuation of About US$3.4–3.5B (estimated). Source: Entrackr.
Who are Upstox's investors?
Investors named in public announcements include Tiger Global, Ratan Tata, Kalaari Capital and GVK Davix.
Who founded Upstox?
Upstox was founded in 2009 by Ravi Kumar (CEO), Raghu Kumar and Shrini Viswanath.
Is Upstox a public company?
No. Upstox is a private company (private, venture backed), so its shares are not traded on a stock exchange and it isn't required to publish its financial results.
Where is Upstox headquartered?
Upstox is headquartered in Mumbai, Maharashtra, India.