Total amount raised
$143.3 Millions
Latest funding date
Location
Upstox has successfully raised significant funding through multiple rounds, including a Series C, attracting notable investors such as BlackSoil and Xceed Investments. The platform offers a comprehensive suite of services for retail investors, including trading in stocks, mutual funds, and IPOs.
Keep reading to explore the intricacies of Upstox's fundraising journey and the investors backing this innovative platform.
What Is Upstox?
Upstox, founded in 2009, is a fintech company based in Mumbai, Maharashtra, India. The company was established by Kavitha Subramanian, Raghu Kumar, Ravi Kumar, and Shrinivas Viswanath.
Upstox offers a high-tech online trading platform, providing services in stocks, mutual funds, IPOs, futures, options, commodities, and currencies. The platform aims to disrupt the brokerage industry by reducing costs associated with online stock trading.
With a team of 101-250 employees, Upstox empowers retail investors with technology tools for better investment decisions, operating on a zero brokerage model to transfer benefits to customers.
How Much Funding Has Upstox Raised?
- Series A
- Amount Raised: $4M
- Date: February 2016
- Lead Investors: Kalaari Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop and enhance the trading platform and expand market reach.
- Series B
- Amount Raised: $25M
- Date: September 2019
- Lead Investors: Tiger Global Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and improve technology infrastructure.
- Series C
- Amount Raised: ₹500M
- Date: August 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further expand the user base and enhance service offerings.
- Debt Financing
- Date: August 2022
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational expenses and strategic initiatives.
- Series C
- Amount Raised: $108M
- Date: September 2022
- Lead Investors: Tiger Global Management
- Valuation at Round: $3-3.5 billion
- Motivation Behind the Round: To solidify market position and accelerate growth.
Total Amount Raised: $137M + ₹500M
Current Valuation: $3-3.5 billion
Key Investors
- Tiger Global Management
- Details: Tiger Global Management is a leading global investment firm that focuses on private and public companies in the technology, internet, and software sectors.
- Investment Focus Areas: Technology, internet, software.
- Notable Investments: Facebook, LinkedIn, Spotify.
- Kalaari Capital
- Details: Kalaari Capital is an early-stage venture capital firm based in India, known for investing in technology-oriented companies.
- Investment Focus Areas: Technology, e-commerce, healthcare.
- Notable Investments: Dream11, CureFit, Myntra.
- BlackSoil
- Details: BlackSoil is a venture debt firm that provides flexible financing solutions to growth-stage companies in India.
- Investment Focus Areas: Growth-stage companies.
- Notable Investments: Not publicly disclosed.
- Stride Ventures
- Details: Stride Ventures is a venture debt firm that supports early to growth-stage companies with customized debt solutions.
- Investment Focus Areas: Early to growth-stage companies.
- Notable Investments: Not publicly disclosed.
- InnoVen Capital
- Details: InnoVen Capital is a venture debt firm that provides debt financing to high-growth companies across Asia.
- Investment Focus Areas: High-growth companies.
- Notable Investments: Not publicly disclosed.
What's Next for Upstox?
Upstox is poised to capitalize on a massive opportunity by expanding its user base to 25-30 million by the end of FY23 and adding 200-300 million new subscribers over the next four to five years. This ambitious growth plan aligns with the industry trend of increasing interest in comprehensive financial services platforms.
To support this expansion, Upstox is likely to pursue additional fundraising rounds, attracting high-profile investors and venture capital firms. However, the company will face challenges such as intense competition from established players like Zerodha and Groww, and the need to maintain high user engagement and platform reliability.
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