Upstox, an online trading platform, raises funds from cricketer Shikhar Dhawan, footballer Larry Fitzgerald

Funding Alert

  • ByAmbi Das | September 19, 2022

According to reports, the online trading platform Upstox raised capital from cricketer Shikhar Dhawan, American footballer Larry Fitzgerald and Kal Somani, founder and managing director of American company IntraEdge Inc. The amount acquired was not disclosed. In November 2021, the platform raised $108m in a Series C funding round led by Tiger Global, including BlackSoil, Strive Ventures and InnoVen Capital. As a result of the round, Upstox’s valuation rose from $3 billion to $3.5 billion, making it a unicorn.

Shrini Viswanath, Raghu Kumar, Kavitha Subramanian and Ravi Kumar formed the Mumbai based company known as RKSV Securities in 2009. 2011 saw the firm’s start in retail brokerage and in 2016 it was relaunched as the Upstox name.

Its competitors are Zerodha, Groww, Paytm Money and Angel One. Upstox announced in May 2022 that it had reached 10 million users, currently surpassing Zerodha. However, Upstox currently had 5 million active users, while Zerodha had 6.2 million. In August 2022, Nithin Kamath, CEO and co-founder of Zerodha, tweeted that the company now had over 10 million users.

Upstox

In an interview with Moneycontrol in May, Vishwanath said the company had grown at a 3x year-over-year rate over the past three years and expected the growth rate to continue. .

Vishwanath said, “Our broader ambition is to be more than just an investor-broker platform. We want to be a strong wealth management platform. We want to be in a position where whether it’s a savings account, credit card, fixed deposit or loan, we want them to come to Upstox.

Upstox expects its customer base to be between 25 and 30 million by the end of FY23. The company intends to grow its subscriber base by 200 to 300 million over the next four to five years. . The company aspires to be a wealth management platform and will consider expanding its product offering to allow consumers to manage all of their investments.

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