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Upstox company logo


Founded Year



Series C | Alive

Total Raised




Last Raised

$25M | 2 yrs ago

About Upstox

Upstox is an online brokerage and trading company. Upstox has a zero commission pricing model providing free trading for investors on the equity segment; it chargers Rs. 20 per order on all other segments. This helps users cut their trading costs.

Headquarters Location

30th Floor, Sunshine tower Senapati Bapat Barg, Dadar (W)

Mumbai, 400 013,



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Research containing Upstox

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CB Insights Intelligence Analysts have mentioned Upstox in 3 CB Insights research briefs, most recently on May 16, 2023.

Expert Collections containing Upstox

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Upstox is included in 3 Expert Collections, including Unicorns- Billion Dollar Startups.


Unicorns- Billion Dollar Startups

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Wealth Tech

2,018 items

A category of financial technology that is digitizing & streamlining the delivery of wealth management. Included: Startups that offer technology-enabled tools for active and passive wealth management for retail investors and advisors.



3,897 items

Latest Upstox News

Stock broking startups Groww, Upstox eye lending, payments to expand revenue base

May 31, 2023

Stock broking startups Groww, Upstox eye lending, payments to expand revenue base SECTIONS By Rate Story ETtech Broking startups that disrupted the traditional world of stock trading and investments are looking to diversify their revenue base. Just like other fintechs expanding from their core business to complimentary opportunities, brokers are entering into lending and payments. Two major challenger brands in the broking ecosystem, Groww and Upstox , are doubling down on their credit business, according to people in the know. The ultimate idea is to retain the customers coming to the platform to invest. Mumbai-based Upstox is aspiring to start the credit business quickly by partnering with banks and NBFCs to begin with and eventually will get a non-banking finance company ( NBFC ) licence and might apply to the Reserve Bank of India very soon. “We will also focus on collaborating with banks and NBFCs to provide lending products, ensuring strict adherence to regulatory standards and eventually apply for a NBFC licence as we go on to expand our product suite,” said Ravi Kumar, cofounder, Upstox. Credit as a big opportunity is being tapped by its competitor Groww too. Two people in the know have told ET that Groww is building a full-fledged financial services application. It will foray into personal, consumer, two-wheeler loans and even lend for large ticket size products like home loans. “They have abandoned their neo-banking dreams, but they eventually want to become a full-service financial player with lending as a critical part of the business,” said one of the persons ET spoke to. Discover the stories of your interest Email queries to Groww went unanswered till presstime. Keeping the flock together For Groww and Upstox the challenges are different, but the idea is to diversify the product base to increase customers stickiness. Groww currently has a base of more than 5 million active traders and around 10-15 million investors. If this base needs to go up further, Groww needs more mass-market offerings like payments and credit. Groww is a third-party payment app on Unified Payments Interface. It has also received an in-principle approval from the Reserve Bank of India for a payment aggregator licence besides an in house NBFC licence. “With lending, Groww wants to cover a large part of the spectrum of financial services,” said the person quoted above. For Upstox the challenge is to keep its flock together. Over the last one year, the Tiger Global backed startup lost around 2.6 million traders. Kumar wants to expand his product offering hoping to retain users. But he is not bullish on other financial services. He wants to stick to core investments. During IPL advertisements, Upstox managed to onboard many users. Kumar told ET that most of his customers were looking for simple investment options that were not present on the app then. Today Upstox has created an ‘Invest’ mode within the app, which has been made the default mode. Customers can get mutual funds, sector specific basket of funds, content around stock movements and curated top-rated funds for long term investments. “Only those customers who want to do F&O trades or are into professional trading, can toggle onto the Pro mode on the app,” said Kumar. With ‘Invest’ and credit, Kumar is hoping to get back into the top of the leader board among broking platforms. Matching up to valuation Broking is a massive revenue generating business but is a very niche sector. Only a small fraction of India trades actively. But these apps which command a valuation of north of $3 billion (Rs 24,000 crore approx), need more revenue generating avenues to justify the valuation. Even at a $250 million or Rs 2000 crore of annual revenue run rate, Groww is technically trading at a 12 times revenue multiple. Compare that with Angel One, a listed tech broker, which is trading at four times its revenue. It has an ARR of around Rs 2500 crore and a market capitalisation of Rs 11,000 crore. And brokers get around 80-90% of their revenue from F&O traders. And only a small segment of their customer base typically does these high frequency trades. “These venture funded players need to expand their revenue generating user base and hence they need to expand their product offerings too,” said a founder of a wealthtech startup. “The big bet on lending and long-term investing can keep customers loyal and sticky.” Don’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp. click here! Tuesday, 30 May, 2023 Nearly every second electric two-wheeler sold under the Centre’s ambitious ₹10,000-crore electric vehicle promotion scheme was based on false localisation claims, an investigation has found, said people with knowledge of the matter. This has prompted the government to slash its official sales tally, they said. Read More News on

Upstox Frequently Asked Questions (FAQ)

  • When was Upstox founded?

    Upstox was founded in 2010.

  • Where is Upstox's headquarters?

    Upstox's headquarters is located at 30th Floor, Sunshine tower, Mumbai.

  • What is Upstox's latest funding round?

    Upstox's latest funding round is Series C.

  • How much did Upstox raise?

    Upstox raised a total of $54M.

  • Who are the investors of Upstox?

    Investors of Upstox include Tiger Global Management, Kalaari Capital, Aragen Life Sciences and Ratan Tata.

  • Who are Upstox's competitors?

    Competitors of Upstox include Groww and 4 more.

Compare Upstox to Competitors

Groww Logo

Groww provides an online investing platform. It helps amateur investors make investments in special investment plans (SIPs) such as mutual funds. It was founded in 2016 and is based in Bengaluru, India.

Zerodha Logo

Zerodha is a zero brokerage firm and an Indian financial service company that offers low brokerage equity investments, retail and institutional broking, currencies and commodities trading, and mutual funds.

StockGro Logo

StockGro is a social trading platform where users can follow experts, discover new strategies, and build their portfolios.

PredictRAM Logo

PredictRAM offers portfolio risk management software. The software helps in the analysis and management of financial and economic events. It was founded in 2020 and is based in New Delhi, India.


Cuanz provides investment insights for stocks and cryptocurrencies. It provides complete stock and crypto investment information by combining content, pick, and analysis from various communities and stock and crypto activists. It was founded in 2021 and is based in Jakarta, Indonesia.

StockPe Logo

StockPe is a stock market education platform. Its application provides stock market learning experience to new age investors and traders, and allows them to put their learnings to test through virtual tournaments. The company was founded in 2021 and is based in New Delhi, India.

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