Mumbai: Upstox, one of the leading discount brokers in India, plans to apply for a mutual fund licence as well as go public through an initial public offering (IPO), its co-founder Ravi Kumar told TOI. These are part of Upstox’s long-term plans. In the immediate future, with equities, commodities and derivatives trading segments showing strong traction, Upstox is launching segments that will offer corporate bonds, sovereign gold bonds, fixed deposits, etc. Currently, it also offers mutual funds through its platform.
According to Kumar, at Upstox all efforts are being focused on making investing accessible to every citizen of India and establish itself as the ultimate destination catering to diverse investment needs. “To accomplish this vision and as part of our growth strategy, we are planning to apply for an asset management company (AMC) licence. While a definitive timeline has not been established, we anticipate applying in this fiscal year,” he said. “We want to extend our reach and provide seamless and cutting-edge services to our ever-expanding user base.”
The broking platform, backed by veteran business leader Ratan Tata and global private equity major Tiger Global, among others, currently has about 1.1 crore registered customers.
In fiscal 2023, it clocked a revenue of about Rs 1,000 crore and turned net cash-flow positive for the first time since starting operation in 2010. It raised about $100 million through series-C funding in 2022. As part of its growth and expansion plan, it wants to get listed in the next few years. “At Upstox, we are intensely working towards growing and expanding our business operations. We aspire to be a listed company one day, in 3-5 years down the line. We will work in that direction and are looking forward to the exciting journey ahead,” Kumar said.
As part of its brand-building process, it is associated with the International Cricket Council (ICC) and also the immensely popular IPL.
According to Kumar, at Upstox all efforts are being focused on making investing accessible to every citizen of India and establish itself as the ultimate destination catering to diverse investment needs. “To accomplish this vision and as part of our growth strategy, we are planning to apply for an asset management company (AMC) licence. While a definitive timeline has not been established, we anticipate applying in this fiscal year,” he said. “We want to extend our reach and provide seamless and cutting-edge services to our ever-expanding user base.”
The broking platform, backed by veteran business leader Ratan Tata and global private equity major Tiger Global, among others, currently has about 1.1 crore registered customers.
In fiscal 2023, it clocked a revenue of about Rs 1,000 crore and turned net cash-flow positive for the first time since starting operation in 2010. It raised about $100 million through series-C funding in 2022. As part of its growth and expansion plan, it wants to get listed in the next few years. “At Upstox, we are intensely working towards growing and expanding our business operations. We aspire to be a listed company one day, in 3-5 years down the line. We will work in that direction and are looking forward to the exciting journey ahead,” Kumar said.
As part of its brand-building process, it is associated with the International Cricket Council (ICC) and also the immensely popular IPL.