Upstox
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| ISIN | 🆔 |
|---|---|
| Industry | Financial services |
| Founded 📆 | 2009[1] |
| Founders 👔 | Raghu Kumar, Ravi Kumar and Shrini Viswanath[2] |
| Headquarters 🏙️ | Mumbai, India |
Area served 🗺️ | |
| Services | Stockbroker Electronic trading platform |
| Revenue🤑 |  ₹155 crore (US$22 million) (2020)[3] |
| Members | |
Number of employees | 180[4] (2019) |
| 🌐 Website | upstox |
| 📇 Address | |
| 📞 telephone | |
Upstox is an electronic trading platform that was launched in 2016, provided by RKSV Securities.[5][6] It is a SEBI regulated broker-dealer and is a member of BSE, NSE and MCX.[5] Upstox operates on a discount brokerage model[7]; in October 2020, Upstox was named India's second largest stock broker in terms of number of retail customers.[5][8] As of January 2021[update], Upstox has no storefront branches, its entire operation is online with a flat-fee structure, servicing over 2 million customers.[8][9]
History[edit]
RKSV Securities Private Limited was founded by the brother-duo Ravi Kumar and Raghu Kumar, along with Shrini Viswanath; the initials of the founding members were used to register the company.[6] At inception, in 2009, the company was focused on proprietary trading.[8] In 2012, the company introduced its online retail broking service.[8] In 2016, RKSV Securities introduced Upstox, a technology platform for trading securities. Upstox is available as a mobile app and website.[8] In 2019, Upstox partnered with Tavaga Advisory Services to promote ETF.[10] In June 2018, Upstox onboarded first 100K customers, by June 2020 the customer count crossed 1 million, and by January 2021 the customer count crossed 2 million.[1][9] In 2020, Upstox reported a net income of ₹155 crores and a loss of ₹38 crore.[3] In September 2020, about 80% of Upstox customers were from the tier 2 and tier 3 towns of India, and about 75% of them were below the age of 35.[8][10]
Funding[edit]
In 2016, Upstox raised funding of US$4 million in a series A round with Kalaari Capital, Ratan Tata and GVK Davix Technologies.[4] In 2019, Upstox raised funding of US$25 million with Tiger Global Management.[4] As on September 2019, Ratan Tata held 1.33% stake, Kalaari Capital held 15.21% stake and GVK Davix held 2.54% stake in Upstox.[11]
Products and services[edit]
Upstox offers an electronic trading platform to trade financial assets including common shares, preferred shares, Initial Public Offering, derivatives, currencies, commodities, exchange-traded funds, mutual funds and digital gold over a website and a mobile app.[5][12] Upstox enables customers to make use of electronic Adhar (e-Adhar) for account opening[9], has implemented an electronic delivery instruction slip to eliminate the need of a physical delivery instruction slip or the power of attorney[13], and offers margin trading facility.[9]
References[edit]
- ↑ 1.0 1.1 Bhargava, Kshitij (June 23, 2020). "With 1 million users onboard, this new-age brokerage aims to double the tally by December; here's how". Financial Express. Retrieved January 4, 2021.
- ↑ Vasudevan, Nishanth (September 14, 2014). "How a two-year-old firm is hitting a daily turnover of Rs 4,000 crore today". The Economic Times. Retrieved January 4, 2021.
- ↑ 3.0 3.1 Mohan, Ashwin (March 30, 2021). "Online broker Upstox, backed by Ratan Tata and Tiger Global, weighs US SPAC listing". Moneycontrol.com. Retrieved May 1, 2021.
- ↑ 4.0 4.1 4.2 Bhakta, Pratik (September 20, 2019). "Upstox gets $25 million from Tiger Global". The Economic Times. Retrieved January 4, 2021.
- ↑ 5.0 5.1 5.2 5.3 Oberoi, Rahul (October 19, 2020). "What made Upstox India's second largest stockbroker after Zerodha". The Economic Times. Retrieved January 4, 2021.
- ↑ 6.0 6.1 "Broking firm RKSV renamed as Upstox". Business Line. October 16, 2018. Retrieved January 4, 2021.
- ↑ Tripathi, Yash (April 24, 2021). "Upstox Vs Zerodha: Brokerage, Charges, And More Compared; Which One's Better?". Republic News. Retrieved May 1, 2021.
- ↑ 8.0 8.1 8.2 8.3 8.4 8.5 Mali, Krishna (September 30, 2020). "Interview: Upstox co-founder Shrini Viswanath says, "We plan to reach 2 million customers by December 2020"". TechGraph. Retrieved January 23, 2021.
- ↑ 9.0 9.1 9.2 9.3 Ojha, Sangeeta (January 19, 2021). "Upstox launches digital gold platform: All you need to know". Mint. Retrieved January 23, 2021.
- ↑ 10.0 10.1 "Upstox Ties up With Tavaga to Offer Investment Advisory Services". Business Standard. May 29, 2019. Retrieved January 4, 2021.
- ↑ Mampatta, Sachin (September 29, 2019). "Tiger Global picks up 31.1% stake in Tata-backed RKSV Securities". Business Standard. Retrieved January 4, 2021.
- ↑ KR Srivats (October 11, 2020). "Equity trading rush: Ratan Tata backed digital broker Upstox on high growth path". Business Line. Retrieved January 4, 2021.
- ↑ "UpstoxDoes Away With Physical Power Of Attorney (PoA) Document With The Launch Of E-DIS Facility". BusinessWorld. July 30, 2018. Retrieved January 4, 2021.
External links[edit]
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