Upstox turns unicorn, raises $25 mn at valuation of over $3 bn: Stories

Upstox turns unicorn, raises $25 mn at valuation of over $3 bn: Stories

On-line stockbroking platform Upstox has entered the unicorn membership by elevating $25 million at a valuation of over $3 billion, in response to a number of media studies quoting unnamed sources.

Enterprise Commonplace has reached out to the corporate for a affirmation.

The funding spherical is claimed to be led by current investor Tiger World and remains to be ongoing. It could additionally make Upstox valued greater than rivals Zerodha and Groww, stated the studies.

Upstox, backed by Ratan Tata and Tiger World, earlier stated in July that greater than 70 per cent of its over 2 million new clients are first-time traders and under-36 — one thing even conventional brokerages additionally again given the huge over 20 million new traders coming out there in the course of the pandemic yr.

Based on the information from the Nationwide Securities Depository, and Central Depository Providers, a report 14.2 million new demat accounts have been opened in FY21, a close to three-fold rise from the earlier yr’s 4.9 million.

The large market rally after the meltdown within the first half of 2020 has seen an enormous inflow of traders into the fairness markets in the course of the previous yr and a half.

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