Tiger Global-Backed Upstox Begins IPO Talks, Eyes $400 Mn Public Issue: Report
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Online stockbroking platform Upstox has reportedly begun preliminary discussions with investment banks for a potential IPO.
The Mumbai-based brokerage is expected to appoint advisers soon for the proposed IPO, which could raise around $400 Mn (about ₹3,800 Cr) through a combination of fresh shares and an offer for sale (OFS), Bloomberg reported, citing people familiar with the matter.
However, the discussions are at an early stage, and the size and timing of the proposed public issue could change.
Upstox declined to comment on Inc42’s queries on the development.
Upstox’s IPO plans follow the public market debut of Groww parent Billionbrains Garage Ventures in November last year. Groww raised ₹6,630 Cr through its IPO.
The proposed listing also comes as India’s retail investor base continues to expand. The number of unique registered investors on the NSE crossed 13 Cr on April 27, 2026. The exchange’s investor base grew at a compound annual growth rate of 26.4% between FY21 and FY26.
A lot of this growth can be attributed to increased participation by those living beyond metro cities, especially as discount brokerages like Upstox, Groww and Zerodha made stock and mutual fund investments more accessible through their digital platforms.
Upstox was India’s fifth-largest stock brokerage by active clients in July, with 18.61 Lakh users, according to NSE data. Groww led the rankings, followed by Zerodha, Angel One, and ICICI Securities.
Upstox entered the unicorn club in 2021 after raising funding at a valuation of around $3.5 Bn. The startup has raised around $220 Mn to date across six funding rounds from investors including Ratan Tata, Kalaari Capital, BlackSoil, Stride Ventures, and Tiger Global.
Tiger Global was Upstox’s largest shareholder, with a 38.5% stake as of September 2025. The US-based investment firm first backed the brokerage in 2019 with a $25 Mn investment.
Upstox’s parent entity, RKSV Securities, was founded by Shrini Viswanath, Raghu Kumar, and Ravi Kumar in 2008. It began as a proprietary trading firm before entering the retail broking space with the launch of Upstox in 2012.
The platform allows users to invest in stocks, mutual funds, exchange-traded funds, and IPOs, besides trading in derivatives and commodities.
Upstox has also expanded beyond its core stockbroking business, entering health, motor, and travel insurance distribution in 2024.
More recently, it received regulatory approval to operate as a broker-dealer from GIFT City. The approval could allow Upstox to facilitate investments in US and other international stocks for Indian users through the GIFT City framework.
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