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Upstox in Talks for $350-400M IPO as Customer Base Hits 20 Million
Upstox ranks 5th in active clients, wins GIFT City nod for international stock trading. IPO of $350-400M may include fresh shares and OFS.
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Upstox has started early talks with investment banks for an IPO that could raise $350-400 million, sources said. The proposed offering is expected to include both new shares and an offer-for-sale by existing investors.
Over six funding rounds, the company raised about $220 million from investors including Ratan Tata, Tiger Global, Kalaari Capital and Stride Ventures. It reached unicorn status in 2021 at a $3.5 billion valuation.
Upstox crossed 20 million KYC-registered customers. Of those, 85% come from Tier II and III cities, and nearly 70% are first-time investors, the company said.