Upstox
Funding History
| Series C (Unicorn Round) · 11/2021 | $3.5B |
|---|
About
Founded in 2012 as RKSV Securities and rebranded to Upstox in 2016, the company positions itself as a low-cost, technology-first alternative to traditional full-service brokers, competing most directly with Zerodha and Groww in India's retail trading market.
- activeClients
- ~1.9 million active NSE clients (Jul 2026)
- fy25Revenue
- ₹1,208 crore
- fy25ProfitAfterTax
- ₹215 crore
- lastRoundValuation
- $3.5 billion (Nov 2021, Series C)
Overview
Upstox, operated by Upstox Securities Private Limited (formerly RKSV Securities), is a Mumbai-based discount brokerage founded in 2012 by Ravi Kumar, Raghu Kumar and Shrinivas Viswanath. The platform lets retail investors trade and invest in stocks, futures and options, mutual funds, IPOs and bonds, and ranks among India's largest brokerages by active client count.
Backed by Ratan Tata, Tiger Global and Kalaari Capital among others, Upstox turned profitable in FY23 and reported roughly ₹1,208 crore in operating revenue and ₹215 crore in profit after tax for FY25. In August 2026 the company began early talks with investment banks about a possible IPO of roughly $400 million, though as of the research date no draft red herring prospectus had been filed with India's SEBI.
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