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Friday, December 3, 2021

Upstox valued at $3bn, is 40th unicorn this year – Times of India

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MUMBAI: Online brokerage startup Upstox has turned this year’s 40th unicorn after a commitment by existing investor Tiger Global in an ongoing round of funding. The latest investment by Tiger Global values the company at over $3 billion.
Tiger Global owns over 30% of the brokerage, where Kalaari Capital and GVK Davix Technologies are other investors. Tata Sons chaiman emeritus Ratan Tata too is a minority shareholder. The latest round of funding, which is still ongoing, is expected to cross $100 million.
Upstox competes with other online platforms Groww and Zerodha, which have already acquired unicorn status this year, as well as Paytm Money and Times Internet-owned ET Money. Times Internet is part of the Times Group, which also publishes TOI.
Upstox is owned by Mumbai-based RSKV Securities. According to the company website, the founders are Ravi Kumar, Kavitha Subramanian and Shrini Viswanath. Prior to Upstox, Kumar worked on trading his own capital with his brother Raghu. He also worked with thinkorswim/TD Ameritrade in engineering and business development roles. Subramanian was earlier a private equity investor at Leapfrog Investments and Actis Investments. Viswanath had earlier worked with Citibank in various roles.





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