Ratan Tata-Backed Upstox Gets $25 Million Funding From Tiger Global
Upstox has raised $25 million, about Rs 177 crore, in Series B funding from New York-based venture capital firm Tiger Global Management, the retail stocktrading startup said on Tuesday.
Upstox will use the funding from Tiger Global to strengthen its product offerings and technology. The startup also plans to hire more and expand its presence in Delhi and Bengaluru. Backed by Ratan Tata, the startup claims to be profitable for over two years now.
"Our goal is to increase equity participation among the new generation by drastically reducing brokerage and maximising customers' profits, while delivering a world-class trading experience. Currently, 70 percent of our customers are from Tier-II and Tier-III cities in India," Ravi Kumar, co-founder and chief executive officer of Upstox, said in a statement.
The startup aims to cater to the next 500 million Indians going online for all their financial services needs, he added.
Talking about Tiger Global’s latest India investment, Partner Scott Shleifer said the retail brokerage industry in India is highly under-penetrated.
"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.”