Groww-rival Upstox wants to raise $400M via IPO in India
What's the story
Upstox, one of India's leading online trading platforms and backed by Tiger Global Management LLC, is said to be planning an initial public offering (IPO). The company has already started discussions with investment banks and is expected to appoint advisers in the near future. The IPO could raise around $400 million through a mix of new shares and sales by existing investors.
Market impact
Upstox's IPO could follow Groww's successful listing
Upstox's IPO could mark the second major listing by an Indian broking firm in a year.
Last November, Billionbrains Garage Ventures Ltd, the parent company of online broking platform Groww, raised $693 million in an initial public offering.
Groww is currently valued at around $12.8 billion, highlighting the growing trend of successful IPOs among Indian fintech companies.
Market standing
Upstox ranked 5th among local brokerages by active clients
As of July 31, Upstox was ranked fifth among local brokerages by active clients with around 1.9 million users, according to National Stock Exchange data.
Groww leads the pack, followed by Zerodha, Angel One Ltd. and ICICI Securities Ltd.
This ranking highlights Upstox's strong presence in India's competitive online trading market.
Financial growth
Upstox has raised $220M over 6 funding rounds
Upstox has raised around $220 million over six funding rounds from investors such as late Tata Sons Chairman Ratan Tata, Tiger Global, and Stride Ventures. The company achieved unicorn status in 2021 after a funding round that valued it at $3.5 billion.