RKSV, known by the brand name Upstox, is one of India’s fastest-growing retail broking firms. The company allows retail investors in India to invest in stocks, futures, options, currencies and commodities at lower rates compared to traditional full-service brokers. It is headquartered in Mumbai, India and holds memberships with the NSE, BSE, MCX, and MCX-SX.
Upstox’s suite of products includes a mobile trading app, mutual funds investment platform, desktop trading platforms, strategy builders and brokerage and margin calculators. Upstox offers a paperless demat account opening and trading platform. Traders can trade in intraday/commodities/F&O/currencies on the Upstox platforms.
Industry: Online Stock Broker
Founder: Raghu Kumar, Ravi Kumar, Shrinivas Viswanath
Headquarters: 30th Floor, Sunshine Tower, Senapati Bapat Marg, Dadar (W), Mumbai, Maharashtra 400013, Mumbai, Maharashtra, India
Products Stocks, Options, Futures, Commodities, Currencies, Mutual Funds
Number of employees: 300 (June 2019)
Website: website Link
Brothers Ravi Kumar and Raghu Kumar first took up trading as a hobby during their teenage years. Later, Ravi joined broking firm Thinkorswim in 2004 where he learned the ropes of professional trading. In 2006, Ravi, along with Raghu, started their own firm, which gave them a turnover of US$ 20 million in the next two years. In 2008, the brothers moved to India & together with their friend Shrinivas Vishwanath, Raghu and Ravi set up RKSV Securities in 2009 solely for proprietary trading purposes.
In 2011, RKSV opened up to the general public by entering retail brokering with a trading plan that allowed retail traders to cut down considerably on their brokerage costs.
RKSV Securities changed the brand name of its trading platform to Upstox in 2016. Upstox has raised Series A funding from many investors such as Kalaari Capital and Ratan Tata.
Upstox raised $25 million in its second round of institutional funding from Tiger Global Management in 2019.
Upstox is a trading platform from RKSV. Upstox’s entire onboarding process and trading is online based on a low-cost brokerage model. Although Upstox has a robust Call-and-Trade service, nearly 98.5% of trade orders are received through its web and mobile platforms. In 2016, the company launched the e-Aadhar account opening service, making the process of trading faster, entirely paperless, and efficient.
In 2018, Upstox launched its mobile app that enabled traders to trade in the regional language, Hindi. The company stated that the launch of the mobile app in Hindi would enable more inclusive growth, particularly in India’s vast Hindi-speaking belt. More than 70% of trading orders come in through Upstox Pro mobile with higher participation in stock markets from Tier III cities on mobile platforms.
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