Online Investment Platform Upstox turns Unicorn Post Funding Round led by Tiger Global
- ByTejika Bajaj | November 26, 2021
The online investment platform Upstox has raised $25 million from its existing investor Tiger Global as a part of its larger round of funding. With the recent infusion of funds, the post money valuation of the company has gone up to $3.4 billion, making it a new entrant to the coveted unicorn club.
Upstox has approved the allotment of 18761 Series C preference shares at an issue price of INR 98,608 thus raising INR 185 crore from Tiger Global. Tiger Global is an existing investor of the online trading startup and has infused $25 million in the funding round led in September 2019. This investment takes the stakes of the company up to 31.3% of equity.
Founded in 2009 by Shrini Vishwanath, Raghu Kumar and Ravi Kumar, Upstox is an online investment platform which aims to allow people to buy and sell stocks and any other financial instruments on its platform in a hassle-free manner. The startup also provides advisory services and is focused towards strengthening its product offerings and technology stack.
Though the company has not filed its annual financial statement, it is reported to have a 99.6% increase in its annual revenue to INR 154.7 crore in FY 21. Further, the company has reported a net loss in the FY 21 due to increased costs pertaining to the pandemic.
With the online trading platforms observing a spike in retail investors in the past two years, Upstox is likely to observe an upward trajectory of profits in the coming years.
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