MUMBAI, 24 September, 2019: Upstox, India's fastest-growing retail broking firm, has raised USD 25 million in Series B institutional funding from American fund house Tiger Global Management.
Upstox has been revolutionising the concept of discount broking in India through innovative technology and unbeatable pricing. With the aim of ensuring that traders and investors make the best possible returns, Upstox offers zero brokerage on equity delivery trades and up to Rs. 20 per order for Intraday, F&O, Commodities and Currencies orders. Upstox Pro has consistently been one of the highest-rated trading apps on Google Play Store, providing up to 25X margins, 100+ Charting tools and 250+ indicators.
As per NSE's data, Upstox is the fastest-growing retail broker in India today, with a 12-fold increase in its number of clients who have trusted their wealth with the platform over the last 3 years. Backed by Mr. Ratan Tata, Upstox, which has been profitable for over two years now, currently processes over USD 120 billion of India's monthly exchange turnover, all of it coming from retail investors across the country.
Elaborating on the new round of funding by Tiger Global, Mr. Ravi Kumar, Co-founder and CEO, Upstox, said: "Our goal is to increase equity participation amongst the new generation by drastically reducing brokerage and maximising customers' profits, while delivering a world-class trading experience. Currently 70% of our customers are from Tier-2 and Tier-3 cities in India. Our vision is to cater to the next 500 million Indians going online for all their financial services needs. We are focused on building India's largest financial services brand, and are extremely excited to have Tiger Global partner with us on this journey."
The funds will be deployed towards charting the next growth wave for Upstox and strengthening its product offerings and technology stack. The company will invest in building a strong team of ambitious, self-driven individuals who have a track record in exponentially scaling up businesses. The company also plans to expand its presence in Delhi and Bangalore.
Talking about future plans, Mr. Shrini Viswanath, Co-founder & CTO, Upstox, said: "We are focused on building India's largest and finest financial services platform which provides best-in-class features, unparalleled stability, and an extremely intuitive user experience. We are happy that Tiger Global's investment will help us in hiring top notch talent and scaling up even more rapidly."
Congratulating the Upstox team, Mr. Scott Shleifer, Partner, Tiger Global Management said, "The retail brokerage industry in India is highly underpenetrated and we are excited to partner with Ravi and the Upstox team as they work to make investing in India easier and more accessible. The market opportunity is large and growing and we believe Upstox is well-positioned to gain market share over time."