Upstox raises $25 mn from Tiger Global: Report
Mumbai-based online stock trading platform Upstox has raised $25 million in its second round of institutional funding from Tiger Global Management.
The company will use the funds to nearly double the headcount to 300 from 180 employees, expand the business and strengthen its product platform, The Economic Times reported.
Ravi Kumar, the co-founder of Upstox, said the company has been profitable over the last two years, the report added.
Founded in 2010 by Kumar and Shrinivas Viswanath, Upstox had raised $4 million in the previous funding round in 2016.
The company currently has around 300,000 clients and claims to contribute over 3% of the national trades conducted across exchanges in India, the report added. Upstox has also started to experiment with mutual fund investments.
“The retail brokerage industry in India is highly under-penetrated 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,” Scott Shleifer, partner, Tiger Global Management told ET.