Upstox explores IPO to raise ₹3,351-3,829cr and allow investor exits
Upstox, the investment app you might've seen ads for, is exploring a potential IPO and has initiated preliminary discussions with investment banks to raise around $350-400 million, or roughly ₹3,351-3,829 crore.
This means they'll offer new shares and let some early investors cash out.
Upstox became a unicorn in 2021 (yep, $3.5 billion valuation!) and has backing from big names like Tiger Global and the late Ratan Tata.
Upstox hits 2cr verified users
Upstox just hit two crore verified users, with most coming from smaller cities across India. Their goal? Hit 10 crore users in five years.
They're already one of the top five brokerages by active clients as of July 31.
Plus, they've received regulatory approval to facilitate international and US stock investing through GIFT City, so global investing could get a lot easier soon!