Upstox
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| Private | |
| ISIN | 🆔 |
| Industry | Financial services |
| Founded 📆 | 2009 in Mumbai, India |
| Founder 👔 | Ravi Kumar Raghu Kumar Kavitha Subramanian Shrini Viswanath |
| Headquarters 🏙️ | , , |
Area served 🗺️ | India |
Key people | Ravi Kumar (CEO) |
| Members | |
Number of employees | |
| Parent | RKSV Securities Private Limited |
| 🌐 Website | upstox |
| 📇 Address | |
| 📞 telephone | |
Upstox is an Indian online stockbroker based in Mumbai, India, founded in 2009. The platform allows investors and traders to invest in stocks, derivatives, mutual funds, and other investment products. It has 10 million users on its app as of May 2022.[1] The company became a Unicorn startup company with a valuation of US$3.4 billion in November 2021.[2][3]
History[edit]
Upstox was founded as RKSV Securities in 2009. Its founders include Ravi Kumar, Raghu Kumar, Kavitha Subramanian, and Shrini Viswanath. It is run and operated under RKSV Securities Private Limited.[4] Before founding Upstox, Kumar worked for Thinkorswim/TD Ameritrade in business and engineering development roles. Subramanian was previously an investor in private equity for LeapFrog Investments and Actis Investments. Viswanath had previously worked with Citibank in various capacities.[3] In 2011, the company entered retail broking and was rebranded to Upstox in 2016.[4]
Finances[edit]
Upstox has raised multiple rounds of funding since its launch. It received its first round of funding in 2015, raising $1 million from Kalaari Capital and Ratan Tata. This was followed by a subsequent round of funding in 2016 when the company raised $4 million from Ratan Tata, Kalaari Capital, and GVK Davix.[5] In 2019, Upstox received Series B funding of $25 million from Tiger Global Management, Kalaari Capital, Ratan Tata, GVK Davix and others.[6] In 2021, it secured $108 million in a Series C funding round led by Tiger Global, including BlackSoil, Strive Ventures, and InnoVen Capital.[7] Indian cricketer Shikhar Dhawan, American footballer Larry Fitzgerald and Kal Somani, founder of US-based IntraEdge Inc, have also invested in the company.[7]
Awards and recognition[edit]
Upstox has received a number of awards, including:
- Dun & Bradstreet Emerging India Awards 2022 in the Financial Technology category[8]
- IFTA 2020 Award for Best Innovation in Wealth Management[9]
Reception[edit]
Reviewing the app, Aashika Jain of Forbes placed Upstox at 2nd position in the list of Forbes Advisor's 'Best Trading Apps In India'.[10]
Marketing[edit]
Upstox became the official sponsor for the Indian Premier League for 2021.[11] Serving as the official partner of the International Cricket Council till 2023, Upstox is the official sponsor for ICC World Test Championship Final 2021, 2021 ICC Men's T20 World Cup, 2022 Women's Cricket World Cup, 2022 ICC Men's T20 World Cup, 2023 ICC Women's T20 World Cup, 2021–2023 ICC World Test Championship.[12]
See also[edit]
Other articles of the topic Companies : Lehman Brothers Holdings Inc., Starbucks Corporation, Spümcø, Inc., Warner Music Group Corp., Univision Communications Inc., Career Education Corporation
Other articles of the topic India : Loknayak Jai Prakash Institute Of Technology, Uttarakhand Kranti Dal, Josh (2000 film), Serafim Kalliadasis
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References[edit]
- ↑ Iyer, Priyanka (May 4, 2022). "Upstox reaches a user base of 10 million, surpasses Zerodha". Moneycontrol.
- ↑ Bhalla, Kriti (November 30, 2021). "Ratan Tata-backed Upstox is now valued more than its rivals Zerodha and Groww". Business Insider.
- ↑ 3.0 3.1 "Upstox valued at $3bn, is 40th unicorn this year". The Times of India. November 26, 2021.
- ↑ 4.0 4.1 Iyer, Priyanka (November 25, 2021). "Upstox's valuation to soar to $3-3.5 billion with new funding round led by Tiger Global". Moneycontrol.
- ↑ Pitchiah, Vijayakumar (February 12, 2016). "Online Stock Broker RKSV Raises $4M In Series A Funding From Kalaari, Others". VCCircle.
- ↑ Bhakta, Pratik (September 20, 2019). "Upstox gets $25 million from Tiger Global". The Economic Times.
- ↑ 7.0 7.1 Iyer, Priyanka (September 16, 2022). "Upstox raises funds from cricketer Shikhar Dhawan, footballer Larry Fitzgerald". Moneycontrol.
- ↑ "FinTech Comapnies". Dun & Bradstreet.
- ↑ "IFTA 2020 Finalists". Indiafintech. 2020.
- ↑ Maheshwari, Rashi; Jain, Aashika (November 22, 2022). "Best Trading Apps In India 2023". Forbes.
- ↑ Tewari, Saumya (February 27, 2021). "Digital stockbroking firm Upstox becomes IPL's latest official partner". Livemint.
- ↑ Tewari, Saumya (June 17, 2021). "ICC signs Upstox as its official partner until 2023". Livemint.
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