Tiger Global-backed online brokerage Upstox is reportedly taking its first steps towards the public markets, with the company beginning preliminary discussions with investment banks for a potential initial public offering worth around $400 million.
The Mumbai-based fintech is expected to appoint advisers for the proposed listing, which could include a combination of newly issued shares and an offer for sale by existing investors. At current estimates, the issue could be worth roughly ₹3,800 crore. The discussions, however, are still at an early stage, which means the final size, structure and timing of the IPO could change.
If Upstox goes ahead with the listing, it would become one of the most prominent new-age Indian brokerage platforms to test the public markets. The move comes after Groww parent Billionbrains Garage Ventures made its stock market debut in November 2025, raising ₹6,630 crore through its IPO. Groww’s listing has put greater attention on India’s digital brokerage space and could provide an important reference point for Upstox as it evaluates its own public-market journey.
Upstox enters these discussions with a sizeable presence in India’s retail investing market. The company had around 18.6 lakh active clients as of July 2026, making it the country’s fifth-largest brokerage by active users, behind Groww, Zerodha, Angel One and ICICI Securities. At the same time, India’s broader retail investing base continues to grow, with the number of unique registered investors on the NSE crossing 13 crore in April 2026.
Founded by Shrini Viswanath, Raghu Kumar and Ravi Kumar, Upstox traces its roots to RKSV Securities, which was established in 2008 before the Upstox retail brokerage platform was launched in 2012. The company became a unicorn in 2021 at a valuation of around $3.5 billion and has raised approximately $220 million across multiple funding rounds. Its backers include Tiger Global, Kalaari Capital, BlackSoil, Stride Ventures and the late Ratan Tata. Tiger Global was its largest shareholder with a 38.5% stake as of September 2025.
Upstox has also been widening its ambitions beyond stockbroking. Alongside stocks, mutual funds, ETFs, IPOs, derivatives and commodities, the platform has expanded into insurance distribution and recently secured regulatory approval to operate as a broker-dealer from GIFT City, potentially opening the door for Indian users to access international investment opportunities through the framework.
For Upstox, an IPO would represent more than another fundraising milestone. It would mark its transition from a venture-backed fintech startup into a publicly scrutinised financial services company — and add another major digital brokerage name to India’s rapidly evolving public-market story.
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