Upstox has become the latest entrant to the unicorn club as the Mumbai-based fintech platform raised USD 25 million from Tiger Global, multiple reports suggest.
The online investment platform, according to report, is still in the process of completing the round. With the latest financing round, Upstox’s valuation has surpassed its close rival Groww which was recently valued at $3 billion. Entrackr was the first to report the fundraise. The report also said that Tiger Global is an existing investor in Upstox and had invested $25 million in the company’s second institutional round in September 2019.
Founded in 2009, Upstox is led by three first-generation entrepreneurs Ravi Kumar, Kavitha Subramanian and Shrini Viswanath as a mobile-first trading platform, to ride on the rapid digital adoption. The company allows retail investors to trade in the equity market through the platform and it also allows mutual fund investments, and futures and options trading.
The company now serves a total customer base of over 4.5 million, of which more than 80% are in the age group of 18–36 years, and around 70% are first-time investors. The company reportedly collected 80.7% of its income through brokerage and allied services fees charged from users on its platform during FY21.
