The Indian startup ecosystem has grown tremendously in recent years, with over 40000 registered firms. It has risen to become the world’s third-largest startup ecosystem, behind the United States and China, and is now home to about 70 unicorn businesses.
Many Indian businesses have experienced rapid development as a result of the improving funding situation, as well as the lively tech community, high internet penetration rate, and government assistance. So is the tale for Upstox.
RKSV was the first name of Upstox’s bargain brokerage firm. Upstox began its adventure in 2009 and is now ranked in the top five brokerage houses in India, as well as the second-largest discount broker in terms of active consumers
Upstox is a 100 percent online broker that specialises in equity, derivatives, currency, commodities, mutual funds, initial public offerings (IPOs), GSEC, and bonds.
In 2009, Upstox launched two plans: an unlimited trading plan and a Rs 20 discount brokerage plan. After a few years, the broker has discontinued its unlimited trading package and is now only focused on inexpensive brokerage.
Upstox, a major fintech brokerage startup, now has Ravi Kumar as its co-founder and CEO. He has been a stock market trader since he was 16 years old. Upstox has more than quadrupled its number of clients in the last year under Ravi’s leadership.
It was established so Indians can invest in financial products in a simple, fair, and accessible way.
Ravi Kumar, co-founder and CEO of Upstox, attributes the quick surge in internet penetration in the country to the government’s Digital India plan, which has already benefited his company and others.
He believes that the government’s digital measures would significantly boost India’s equity penetration rate.
Upstox’s early adoption among clients, according to Kumar, is due to its customer-first attitude. “Besides, good technology has always been an important part of the company.” “This allows us to make faster decisions and reach out to folks in Tier-2 and Tier-3 cities,” he explained.
Official partner of IPL2021
The Indian Premier League Governing Council (IPL GC) announced Upstox as an official partner for IPL 2021 in April 2021. Upstox is one of India’s biggest and fastest-growing digital brokerage organisations. The 145-crore three-year contract brings the T20 tournament’s sponsorship pool to an all-time high.
‘Start Karke Dekho,’ Upstox’s Indian Premier League video campaign, strives to inspire more financial involvement in the country by emphasising the significance of merely taking the first step. The ad includes a series of movies emphasising how investing in upstox is easier than investing in daily conditions. For each section, the campaign was tailored individually. The population in metros and major cities was targeted via digital platforms and OTT platforms, while television commercials were focused on Tier-2 and Tier-3 villages.
Tiger Global, an established investor, has invested $25 million in the online investing platform. The latest amount of money looks to be part of a larger round for the business. It also has Ratan Tata, Kalaari Capital and GVK as lead investors.
According to regulatory papers, Upstox has authorised the offering of 18761 Series C preference shares at an issue price of Rs 98,608 to raise Rs 185 crore or $25 million from Tiger Global.
Upstox has secured new funds at a valuation of $3.4 billion, or Rs 25,458 crore, according to Fintrackr’s calculations (post-money). When compared to the Series B share price of Rs 3,514 per share, the price per share has increased by 28X.
Upstox has now outperformed its nearest competitor Groww, which was recently valued at $3 billion following a $251 million fundraising round in October. In 2021, it will be the 40th startup to be valued at over $1 billion.