Home / Business and Economy / Upstox Boasts 2 Crore Users, Eyes $400M IPO
Upstox Boasts 2 Crore Users, Eyes $400M IPO
21 Aug
Summary
- Upstox reached 2 crore demat accounts, with 85% from smaller cities.
- The investment platform is targeting 10 crore users in five years.
- Upstox is reportedly planning a $350-400 million initial public offering.
Investment platform Upstox has achieved a major milestone, crossing 2 crore demat accounts. This significant user growth highlights the platform's reach, with 85% of its customers originating from Tier-II and Tier-III cities and approximately 70% being first-time investors. Upstox has set its sights on further expansion, aiming to grow its user base to 10 crore within the next five years.
In a parallel development, Upstox is reportedly initiating discussions with investment banks for a potential initial public offering (IPO). The company is looking to raise between $350 million and $400 million through this offering, which may include both new shares and an offer-for-sale component from existing investors. This move follows Upstox's journey from RKSV Securities to a prominent wealth-tech platform.
