Upstox moves toward $400 million IPO and begins bank talks
Business
Upstox, one of India's top stockbroking apps, is getting ready to go public and has started talking with investment banks about a $400 million IPO.
The plan is to raise funds by selling both new shares and some from existing investors.
Fifth-largest Indian brokerage with 1.9 million users
Upstox reached unicorn status in 2021 and has big names like Tiger Global and the late Tata Sons Chairman Ratan Tata backing it.
With about 1.9 million active users as of July 31, it's the fifth-largest brokerage in India.
This move follows Groww's blockbuster IPO in November 2025, so all eyes are on Upstox as the next big player possibly hitting the market soon.