Upstox’s Financials, Revenues & Funding Overview
Upstox, co-founded by Shrini Vishwanath, Kavitha Subramanian, and Raghu Kumar, is a Mumbai-based online stockbroking platform launched in 2012. Upstox offers low-cost trading across equities, commodities, and digital gold, leveraging a user-friendly mobile and web interface, robust technology, and deep integrations. The company has rapidly scaled to millions of active users, disrupting traditional brokerage by focusing on transparent pricing, advanced trading tools, and educational resources to empower retail and institutional traders.
| Founding year | 2012 |
|---|---|
| Headquarters | Mumbai, Maharashtra, India |
| Valuation | ~$1.5B (2024) |
| Total Funding | ~$220M over 6 rounds |
| Employees | ~800 (FY24) |
| Annual Revenue (INR) | ₹1,311 Cr (FY24) |
| Annual Profit/(Loss) (INR) | ₹190 Cr profit (FY24) |
| EBITDA Margin | ~14.5% (FY24) |
| Round | Date | Amount | Valuation | Investors |
|---|---|---|---|---|
| Seed | Jan 2016 | Undisclosed | Not disclosed | Angel investors |
| Series A | Jul 2017 | ~$11M | Not disclosed | Kalaari Capital, SAIF Partners |
| Series B | Sep 2019 | $24.9M | ~$100M+ | Tiger Global Management, Innoven Capital |
| Series C | Feb 2021 | $50M | ~$300M+ | Tiger Global, RTP Global |
| Series D | Mar 2022 | $75M | ~$700M | Tiger Global, Zomato |
| Series E | Aug 2023 | $60M | ~$1.2B | Tiger Global, RTP, Prosus |
Upstox’s revenue grew from ₹766 Cr in FY22 to ₹1,050 Cr in FY23 (↑37%) and to ₹1,311 Cr in FY24 (↑25%), while losses of ₹445 Cr in FY22 turned into profits of ₹25 Cr in FY23 and ₹190 Cr in FY24, reflecting strong growth and path to profitability.
Upstox’s EBITDA margin improved from ~-58% in FY22 to ~2.4% in FY23 and to ~14.5% in FY24, driven by scale benefits, cost optimization, and diversified revenue streams beyond broking fees.
Employee count increased from around 600 in FY22 to ~700 in FY23 and ~800 in FY24, supporting technology development, compliance, and customer support as Upstox scales its offerings and user base.
- Expand product suite into mutual funds, insurance, and advisory services to increase share of wallet.
- Enhance technology platform with AI-driven insights, seamless user experience, and robust security.
- Grow active user base via marketing, partnerships, and educational initiatives.
- Optimize unit economics by balancing customer acquisition costs with lifetime value improvements.
- Prepare for potential IPO once sustainable profits and regulatory prerequisites are met.
In FY24, Upstox reported revenue of ₹1,311 Cr (↑25% YoY) and net profit of ₹190 Cr (↑660% YoY), marking its second profitable year. The platform maintained around 2.9 million active users and continues to expand brokerage offerings. Recent investor confidence reflects in funding rounds totaling ~$220M to date.
| Metric | Details |
|---|---|
| Employees | 600 → 700 → 800 |
| Revenue | ₹766 Cr → ₹1,050 Cr (↑37%) → ₹1,311 Cr (↑25%) |
| Profit/(Loss) | ₹445 Cr loss → ₹25 Cr profit → ₹190 Cr profit |
| EBITDA Margin | -58% → 2.4% → 14.5% |
| Valuation & Funding | ~$1.5B valuation; ~$220M total funding |
| IPO Status | Private; evaluating IPO after sustained profitability. |
| Expansion Focus | Product diversification, AI features, user growth, and profitability. |
| Latest News | ₹1,311 Cr revenue, ₹190 Cr profit FY24; 2.9M active users |
Upstox’s robust revenue growth and transition to profitability underscore its competitive position in India’s online brokerage market. Continued focus on product expansion, technology, and operational efficiency will be key to sustaining growth and preparing for a future IPO.
Make smarter business decisions with verified insights on companies and directors. Visit Affluense.ai to learn more.
Disclaimer: © 2025. All information is curated from public and third-party sources and provided solely for legitimate business use.