Cricketer Shikhar Dhawan and footballer Larry Fitzgerald contribute directly to Upstox
The new investments come after Upstox's $108 million Series C round in November 2021.
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According to sources, Kal Somani, the founder and CEO of US-based IntraEdge Inc., has donated money to online trading platform Upstox together with American football player Larry Fitzgerald, cricketer Shikhar Dhawan, and IntraEdge Inc.
It was unknown how much money had been invested. Prior to this, in November 2021, the platform had raised $108 million in a Series C investment led by Tiger Global and included BlackSoil, Stride Ventures, and InnoVen Capital. Upstox became a unicorn after the financing, raising its valuation to $3–3.5 billion.
Inquiries from Moneycontrol regarding the most recent round of investment development went unanswered by Upstox.
RKSV Securities, a company with its headquarters in Mumabi, was established in 2009 by Shrini Viswanath, Raghu Kumar, Kavitha Subramanian, and Ravi Kumar. In 2011, the business began retail broking, and in 2016, it changed its name to Upstox.
Among others, the company is in competition with Zerodha, Groww, Paytm Money, and Angel Broking.
Upstox announced in May 2022 that it had reached 10 million users, surpassing Zerodha at the moment. However, 6.2 million people were using Zerodha at the time, compared to 5 million people using Upstox.
The CEO and co-founder of Zerodha, Nithin Kamath, announced on Twitter in August 2022 that the company has surpassed 10 million users.
Vishwanath claimed in an interview that the business had expanded at a rate of three times annually over the previous three years and predicted that the growth rate would continue.
Upstox projects that its user base will number between 25 and 30 million by the end of FY23. Over the next four to five years, the firm intends to increase its subscriber base by 200-300 million people.
The business intends to serve as a platform for wealth management, and it may decide to broaden the range of products it offers so that consumers may manage all of their investments.
"Our bigger goal is to be more than just a platform for brokers and investors. We wish to be a reliable platform for wealth management. Whether they need a loan, credit card, fixed deposit, or savings account, we want them to come to Upstox, Vishwanath had previously stated.
