Total amount raised
$143.3 Million
Latest funding date
9/1/2022
Location
Upstox has successfully raised funding through five rounds, with notable investors including BlackSoil, Xceed Investments, and Tiger Global Management. The platform offers a comprehensive suite of services for trading and investing in stocks, mutual funds, IPOs, futures, options, commodities, and currencies.
Keep reading to explore the intricacies of Upstox's fundraising journey and the investors backing this innovative platform.
What Is Upstox?
Upstox is a fintech company based in Mumbai, Maharashtra, India, specializing in innovative investment options. The company operates in the financial services and trading platform industries, providing a range of products including stocks, mutual funds, IPOs, futures, options, commodities, and currencies.
Founded by RKSV Securities India Private Limited, Upstox has grown to employ between 101-250 people. The platform is designed to cater to both investors and traders, offering user-friendly interfaces, educational resources, and robust customer support to enhance the trading and investing experience.
How Much Funding Has Upstox Raised?
- Series A
- Amount Raised: USD 4,000,000
- Date: February 2016
- Lead Investors: Kalaari Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their services and enhance their technology platform.
- Series B
- Amount Raised: USD 25,000,000
- Date: September 2019
- Lead Investors: Tiger Global Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and reach a larger user base.
- Series C
- Amount Raised: USD 108,000,000
- Date: September 2022
- Lead Investors: Tiger Global Management
- Valuation at Round: Between $3 billion and $3.5 billion
- Motivation Behind the Round: To support growth and expansion, aiming to become a comprehensive wealth management platform.
- Debt Financing
- Date: August 2022
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To bolster the company's growth and market presence.
- Series C
- Amount Raised: INR 500,000,000
- Date: August 2022
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further enhance their technology and expand services.
Total Amount Raised: USD 137,000,000
Current Valuation: Between $3 billion and $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 sector. They have been a significant player in the venture capital space, particularly in the fintech industry.
- Investment Focus Areas: Technology, internet, software, fintech
- Notable Investments: Upstox, Flipkart, Spotify
- Kalaari Capital
- Details: Kalaari Capital is an early-stage venture capital firm based in India. They focus on investing in technology-oriented companies with high growth potential.
- Investment Focus Areas: Technology, e-commerce, healthcare, fintech
- Notable Investments: Upstox, Dream11, CureFit
- BlackSoil
- Details: BlackSoil is a venture debt firm that provides structured debt solutions to high-growth companies. They focus on sectors with strong growth potential and robust business models.
- Investment Focus Areas: Technology, healthcare, financial services
- Notable Investments: Upstox, OYO Rooms, ZestMoney
- Stride Ventures
- Details: Stride Ventures is a venture debt firm that offers customized debt solutions to startups. They aim to support companies in their growth phase by providing flexible financing options.
- Investment Focus Areas: Technology, consumer, healthcare, fintech
- Notable Investments: Upstox, Pocket Aces, MobiKwik
- InnoVen Capital
- Details: InnoVen Capital is a venture debt firm that provides debt financing to high-growth companies in Asia. They focus on supporting companies with strong business models and growth trajectories.
- Investment Focus Areas: Technology, consumer, healthcare, fintech
- Notable Investments: Upstox, Swiggy, Byju's
What's Next for Upstox?
Upstox is poised for significant growth as it expands into wealth management services, aiming to diversify its offerings to include savings accounts, credit cards, fixed deposits, and loans. With a target to grow its user base to 25-30 million by the end of FY23 and plans to add 200-300 million new subscribers over the next four to five years, the opportunities are vast.
Future fundraising rounds are likely, given the company's aggressive growth and expansion plans. Attracting high-profile investors like Shikhar Dhawan and Larry Fitzgerald not only boosts brand visibility but also opens doors for further investments. However, Upstox will face challenges such as intense competition from established players like Zerodha and regulatory hurdles in the financial services sector.
Use Clay to Get Funding Data
Sales professionals, take your strategy to the next level by leveraging Clay’s platform to access comprehensive fundraising data on companies like Upstox and gather other critical business insights. Sign up for free today and unlock the potential of data-driven decision-making.
