Upstox

What Upstox does

Upstox is a Mumbai-headquartered, Tiger Global-backed discount brokerage and full-stack fintech platform serving Indian retail investors, founded in 2008 by Ravi Kumar and Kavitha Subramanian (originally as RKSV before rebranding). The company operates through Upstox Securities Private Limited and subsidiary RKSV Commodities India Pvt. Ltd., offering equities, futures, options, commodities, and currency trading on NSE, BSE, and MCX, alongside mutual funds, IPOs, fixed deposits, NCDs, NPS, insurance, and personal loans. Upstox holds a dense regulatory stack including SEBI (INZ000315837), NSE (13942), BSE (6155), MCX (46510), CDSL (IN-DP-761-2024), IRDAI Corporate Agent (CA0918), POP for NPS, and the recently awarded IFSCA Global Access Provider licence for GIFT City.

The platform is structured around two product lines — Upstox Pro for active traders and Upstox Invest for first-time and small-ticket investors — delivered through iOS and Android apps (4.5+ average rating) and a web interface. Core technology includes containerized infrastructure for resilience during volatile market sessions, Algoverse for algorithmic trading strategy development, TradingView-integrated charting (8 charts at once, 100+ indicators, 80+ drawing tools), Chart 360, Tick-By-Tick market data, and a Trading API for developer integration. AI is used internally to improve engineering productivity and reduce manual intervention; no customer-facing AI/ML features are disclosed. Upstox reported FY25 revenue of approximately ₹945 crore (flat YoY) with profit of ₹215 crore (+22% YoY) and is targeting ₹500 crore in FY26 profit while pursuing NBFC and asset management licences to diversify beyond broking.

Upstox employs a product-led, direct-to-consumer GTM strategy targeting first-time and small-ticket investors in India's tier 2 and tier 3 markets, supported by zero brokerage on equity delivery trades, mobile-only PAN/Aadhaar onboarding, multi-language support, and educational content via Uplearn. It serves over 1.3 crore customers (as cited on website), opens approximately 300,000 accounts monthly with 60-70% being new-to-market investors, and holds a 14.78% NSE active client market share, ranking among India's top four discount brokers alongside Groww, Zerodha, and Angel One. Funding to date totals approximately $143M across rounds from 2016 to 2022, with Tiger Global as the lead investor in both the 2019 Series B ($25M) and the 2022 Series C ($108M).

Name

Upstox

Legal name

Upstox Securities Private Limited

Website

https://upstox.com

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

101–250 employees

Short description

Upstox is a Mumbai-based, Tiger Global-backed discount brokerage and full-stack fintech platform serving over 1.3 crore Indian retail investors across equities, F&O, commodities, mutual funds, IPOs, and insurance via mobile-first, zero-brokerage delivery trading with tier 2/3 market penetration.

Ownership category

akta.pro rank

Product category

Discount Brokerage

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Commodity Contracts Intermediation (52316), Commodity Contracts Intermediation (523160)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211), Commodity Contracts Brokers & Dealers (6221), Investment Advice (6282)

akta.pro primary industry

Algorithmic Trading & Execution Platforms (FSAFANAN)

akta.pro secondary industry

Copy Trading, Social Trading & Automated Trading Platforms (FSADAAAK)

Keywords

• Discount brokerage
• Online trading platform
• Retail investing
• Mutual fund distribution
• Algorithmic trading

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2C

Offering type

Software

Cost components

Technology or R&D, Operations, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. Brokerage Fees: Transaction-based brokerage charges on equity delivery (zero), intraday, futures and options trades. Brokerage capped at SEBI-prescribed limits with up to ₹20/order on equities
2. Mutual Fund Distribution: Commission revenue from distributing mutual funds with zero commissions to customers
3. Margin Trading: Interest income from margin trading facilities extended to customers
4. Commodities Trading: Revenue from commodity trading through RKSV Commodities India Pvt. Ltd.
5. Insurance Distribution: Corporate agent distribution of insurance products (term, motor, corporate, health insurance)
6. IPO Distribution: Revenue from IPO application processing and distribution

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels6 records

Core offering

Upstox is an Indian online discount brokerage and full-stack fintech platform that allows retail investors to trade in equities, futures, options, commodities, and currencies, and to invest in mutual funds, IPOs, fixed deposits, NCDs, NPS, insurance, and personal loans through its mobile app and website. The platform offers zero brokerage on equity delivery trades, mobile-only PAN/Aadhaar-based onboarding, multi-language support, integrated TradingView charting, algorithmic trading via Algoverse, and a Trading API for developer integrations, targeting first-time and small-ticket investors across India.

Product overview

Upstox is a full-stack fintech platform that has evolved from a discount brokerage into a comprehensive financial services ecosystem. The platform operates on a multi-product architecture centered around Upstox Pro (for active traders) and Upstox Invest (for long-term investors). Upstox Pro Web and Pro Mobile provide trading capabilities across equities, futures, options, commodities, and currencies, integrated with TradingView charting and Chart 360 tools. Upstox Invest enables investment in stocks, mutual funds, IPOs, fixed deposits, NCDs, insurance, and NPS. Additional offerings include Algoverse for algorithmic trading, a Trading API for developer integration, Uplearn for investor education, and insurance products through its IRDAI-registered corporate agent. The platform recently expanded to offer international investing through GIFT City, enabling access to US and global stock markets.

Differentiator

Problem solved

Functional benefit

Brands

• Upstox Pro: Advanced trading platform for active traders offering equities, futures, options, commodities and currencies trading with powerful charting and analysis tools.
• Upstox Invest

Products and services

• Upstox Pro (Web and Mobile) A comprehensive online trading platform for active retail traders offering equities, futures, options, commodities, and currency trading with advanced charting tools and real-time market data, available on web and mobile.
• Upstox Invest An investment platform enabling users to invest in stocks, mutual funds, IPOs, fixed deposits, NCDs, personal loans, NPS, and insurance products, targeted at first-time and small-ticket investors.
• Trading API A developer API that enables third-party applications and automated trading systems to integrate with Upstox for executing trades across equities, futures, options, commodities, and currencies on NSE, BSE, and MCX.
• Algoverse An algorithmic trading platform that allows traders to develop, backtest, and deploy automated trading strategies, providing retail investors with access to algo trading capabilities.
• GIFT City International Investing A service enabling Indian retail investors to access international (US and global) stock markets through the GIFT City Global Access Provider framework and the Liberalised Remittance Scheme route.
• Insurance Products Insurance distribution service offering term insurance, motor insurance, health insurance, corporate insurance, and life insurance products through RKSV Securities India, an IRDAI-registered Composite Corporate Agent.

Quantifiable outcome

• Opens 300,000 accounts monthly with 60-70% new-to-market customers
• +2 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

AI capability1 record

Feature6 records

Partnerships

Six partnerships are on record, tiered core.

• IFSCA (GIFT City)coreStrategic or Co-development Partner · 12 June 2026Upstox received Global Access Provider (GAP) license from IFSCA to operate from GIFT City, enabling Indian retail investors to access international stock markets. Services expected to launch within 2-3 months for US and global stock investing.
• TradingViewcoreTechnology or IntegrationUpstox has integrated TradingView charts into its platform, offering users advanced charting capabilities with 8 charts at once, 100+ indicators, and 80+ drawing tools for technical analysis and trading decisions.
• ViewTrade InternationalcoreTechnology or IntegrationUS-based platform partner facilitating cross-border investing through GIFT City, routing trades for Indian investors accessing international markets.
• Alpaca SecuritiescoreTechnology or IntegrationUS broker-dealer partner enabling Upstox to offer US stock trading capabilities through GIFT City's Global Access Provider framework.
• Interactive BrokerscoreTechnology or IntegrationGlobal brokerage partner facilitating international equity trading access for Upstox customers through the GIFT City route.
• IRDAI (Insurance Regulatory and Development Authority of India)coreOthersRKSV Securities India Pvt. Ltd. (Upstox) is registered as a Corporate Agent with IRDAI (Category: Composite, IRDAI Regn No.-: CA0918), enabling distribution of insurance products including term, motor, corporate, and health insurance.

Scale indicators8 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Zerodha: India's largest discount broker by active clients and a direct competitor to Upstox, offering zero-brokerage equity delivery, Kite trading platform, and Coin for mutual funds. Most comparable on product breadth, customer segment (retail/tier 2/3), and pricing model.
• Groww: Bengaluru-based discount broker and the fastest-growing Indian retail investing platform; recently completed an IPO at a multi-billion-dollar valuation. Competes head-to-head with Upstox on equity delivery, mutual funds, and IPO distribution targeting first-time investors.
• Angel One: Mumbai-headquartered listed discount broker with a top-4 NSE active client share alongside Upstox. Directly comparable across equities, F&O, commodities, mutual funds, and IPO offerings, with overlapping active-trader customer base.
• 5paisa: Mumbai-based discount broker offering low-cost equity, F&O, and mutual fund investing with a digital-first platform. Competes in the same retail segment as Upstox with similar zero-brokerage-on-delivery positioning and tier 2/3 penetration.

Broad incumbents

• ICICI Direct: Full-service broker from ICICI Bank with equities, mutual funds, IPOs, F&O, and advisory services. Not a discount broker, but competes for the same retail investor wallet and offers a broader services portfolio than Upstox.
• HDFC Securities: Bank-backed full-service broker from HDFC Bank offering trading, mutual funds, IPOs, and wealth advisory. Overlaps with Upstox in equity, F&O, and IPO distribution but targets a more affluent, urban customer segment with bundled banking.
• Kotak Securities: Bank-affiliated broker offering equities, derivatives, mutual funds, and IPOs through the Kotak ecosystem. Competes with Upstox on the trading and investment product set but typically serves a higher-ticket, bank-linked customer base.

Emerging players

• Robinhood: US-headquartered zero-commission broker whose discount brokerage playbook and mobile-first onboarding directly inspired Indian discount brokers including Upstox. Comparable on commission-free trading model and retail-first product positioning, though operating in a different geography and regulatory regime.
• Tiger Brokers (TradeUp): Asia-focused international brokerage offering cross-border equity trading similar to Upstox's GIFT City proposition. Comparable on multi-market access, mobile-first trading experience, and serving retail investors seeking US/global equity exposure.

Others

• Interactive Brokers: Global brokerage and a direct technology partner of Upstox for cross-border investing via GIFT City. Comparable on advanced charting, API access, and multi-asset trading; serves active and international traders similarly to Upstox's Upstox Pro base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/upstox
• YouTubeyoutube.com/user/rksvindia
• Facebookfacebook.com/upstox
• LinkedInlinkedin.com/company/upstox
• Instagraminstagram.com/upstox.pro

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries1 record

Funding overview

Funding rounds5 records

Investors7 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Upstox