IPO-bound Upstox crosses 2 crore customers, eyes 10 crore users in five years

Investment platform Upstox has announced that it has crossed the milestone of 2 crore demat accounts and aims to expand its user base to 10 crore over the next five years. The company said 85% of its customers are from Tier-II and Tier-III cities, while nearly 70% are first-time investors.

The 2-crore customer base, the company said, reflects the expansion of Upstox’s financial ecosystem, which spans equities, derivatives, mutual funds, insurance and other investment products.

“From welcoming our first customer in a small office in BKC to reaching our 20 millionth customer today, we have come a long way. When we started, our mission was simple: break down the barriers that kept everyday Indians out of the financial markets,” said Ravi Kumar, co-founder, Upstox.


“We owe deep gratitude to the late Ratan Tata, who helped us craft the vision that guides everything we do: helping every Indian confidently build their wealth. What started as a simple mission has grown into a platform trusted by 2 crore Indians, and we remain focused on building technology that helps them make better financial decisions,” Kumar said.

Upstox in talks with investment banks for IPO

In a separate development, Upstox has initiated preliminary discussions with investment banks for a potential initial public offering (IPO) to raise around $350-400 million (Rs 3,351-3,829 crore), according to a PTI report.

The proposed IPO is likely to comprise a combination of fresh shares and an offer-for-sale by existing investors, the report said.

Upstox has raised around $220 million across six funding rounds from investors including the late Ratan Tata, Tiger Global, Kalaari Capital and Stride Ventures. The company became a unicorn in 2021 after a funding round that valued it at $3.5 billion.

ALSO READ: Tiger Global-backed broking firm Upstox said to plan India IPO

The last major brokerage-industry company to go public was Billionbrains Garage Ventures (Groww), which raised Rs 6,632.3 crore through its IPO in November 2025.

From RKSV Securities to Upstox

Initially launched as RKSV Securities, the company offers low-cost broking and technology-led services for trading and investing. It later transformed into Upstox, a wealth-tech platform offering access to equities, mutual funds, IPOs, fixed-income products, insurance and other financial products. The company was founded by Ravi Kumar, Shrini Viswanath and Kavitha Subramanian.

As of July 31, Upstox ranked fifth among domestic brokerages in terms of active clients, with around 1.9 million users, according to data from the National Stock Exchange (NSE). Groww topped the list, followed by Zerodha, Angel One and ICICI Securities.

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