Upstox turns unicorn with funding from Tiger Global at over $3 bn valuation

Online stockbroking platform Upstox has entered the unicorn club by raising $25 million at a valuation of over $3 billion, according to several media reports quoting unnamed sources.

Business Standard has reached out to the company for a confirmation.

The funding round is said to be led by existing investor Tiger Global and is still ongoing. It would also make Upstox valued more than rivals Zerodha and Groww, said the reports.

Upstox, backed by Ratan Tata and Tiger Global, earlier said in July that more than 70 per cent of its over 2 million new customers are first-time investors and under-36 -- something even traditional brokerages also back given the massive over 20 million new investors coming in the market during the pandemic year.

According to the data from the National Securities Depository, and Central Depository Services, a record 14.2 million new demat accounts were opened in FY21, a near three-fold rise from the previous year's 4.9 million.

The massive market rally after the meltdown in the first half of 2020 has seen a massive influx of investors into the equity markets during the past year and a half.