Sector: FinTech / Stock Broking / WealthTech
Status: Unlisted – Potential Pre-IPO
Founded: 2009
Headquarters: Mumbai, Maharashtra
Legal Entity: RKSV Securities India Private Limited
Brand: Upstox
CIN: U74900DL2009PTC189166
Face Value: ₹10 per share
Founders: Ravi Kumar, Kavitha Subramanian & Shrini Viswanath
Key Investor: Tiger Global
About the Company
Upstox is one of India’s leading digital brokerage and wealth-tech platforms, offering online investing and trading across equities, futures & options, commodities, currencies, mutual funds and IPOs.
The company began operations in 2009 and has evolved from a discount brokerage into a broader investment platform covering trading, investing, wealth tracking, mutual funds, IPOs, APIs, advanced charting and algorithmic trading.
Upstox is operated through RKSV Securities India Private Limited, while Upstox Securities Private Limited is a wholly owned subsidiary of RKSV.
Key Highlights
- Founded in 2009.
- One of India’s major digital-first brokerage platforms.
- 2 crore+ registered customers as of August 2026.
- Approximately 1.9 million active clients as of July 31, 2026, placing Upstox fifth among Indian brokerages by active clients.
- Offers equity, F&O, commodities, currencies, mutual funds and IPOs.
- Advanced TradingView-powered charting.
- API and algorithmic-trading ecosystem.
- Separate investor and trader experiences.
- Wealth Tracker and ready-made portfolio features.
- Strong presence beyond India’s largest metros.
- Backed by investors including Tiger Global and Ratan Tata.
- Became a unicorn in 2021 at a reported valuation of approximately $3.5 billion.
- Preliminary discussions for a potential IPO began in 2026.
Business Model
Upstox primarily earns money from brokerage and transaction-related financial services, while interest income and other financial income provide additional revenue streams.
| Business Segment | Key Offering |
|---|---|
| Equity Trading | Delivery and intraday |
| F&O | Futures and options |
| Commodity | Commodity trading |
| Currency | Currency derivatives |
| Mutual Funds | Direct mutual-fund investing |
| IPO | IPO application platform |
| Margin Trading | MTF / leverage-based investing |
| Trading Platform | Pro Web & Pro Mobile |
| TradingView | Advanced charting |
| Trading API | Developer/API ecosystem |
| Algo Trading | Algoverse |
| Wealth Management | Wealth Tracker and portfolio tools |
| Global Investing | International investment access |
Upstox’s strategy is increasingly shifting from being simply a low-cost broker toward becoming a complete digital wealth and investing platform.
Customer Scale
There is an important distinction between registered users and active clients.
Registered Customers
Upstox crossed:
20 million+ registered customers
in August 2026.
Active Clients
NSE data cited in August 2026 showed approximately:
1.9 million active clients
as of July 31, 2026.
This distinction is important when evaluating the company’s actual monetisation potential.
A large registered base does not necessarily translate into equivalent trading revenue.
Financial Snapshot
₹ Crore
| Particulars | FY24 | FY25 |
|---|---|---|
| Revenue from Operations | ~951 | ~945 |
| Other Income | ~161 | ~264 |
| Total Income | ~1,112 | ~1,208 |
| EBITDA | ~65 | ~11 |
| Adjusted EBITDA | ~79 | ~24 |
| Profit Before Tax | ~177 | ~217 |
| PAT | ~161 | ~215 |
| Operating Cash Flow | Negative | ~₹245 Cr positive |
FY25 revenue from operations was approximately ₹945 crore, broadly flat year-on-year, while other income increased significantly to around ₹264 crore. Profit after tax increased to approximately ₹215 crore. Jefferies’ July 2026 industry study, based on company data, reported FY25 PBT of ₹217.1 crore and PAT of ₹214.7 crore.
Important: Some databases report “revenue” differently by including other income; for UnlistedCart, it is better to distinguish revenue from operations (~₹945 Cr) from total income (~₹1,208 Cr).
Profitability Analysis
Upstox’s biggest positive compared with several newer fintech businesses is that it has already reached profitability.
FY25:
Revenue from operations: ~₹945 Cr
PAT: ~₹215 Cr
This represents a PAT margin of approximately 23% on operating revenue.
However, the underlying operating margin was much lower.
Jefferies reported FY25 EBITDA of only around ₹106 crore, with adjusted EBITDA of approximately ₹242 crore after excluding certain items including ESOP costs.
This means investors should not value Upstox purely on headline PAT because a significant portion of the financial result comes from other income.
Cash Flow
FY25 operating cash flow was approximately:
₹244.5 crore positive
compared with negative operating cash flow in FY24.
This is an encouraging improvement because it indicates that the business was generating actual operating cash despite relatively modest growth in operating revenue.
Market Position
Upstox remains one of India’s leading discount-brokerage platforms.
As of July 2026, it ranked approximately:
#5 in India by active clients
behind Groww, Zerodha, Angel One and ICICI Securities.
However, the competitive environment has become significantly tougher.
The Indian broking market is increasingly dominated by:
- Groww
- Zerodha
- Angel One
- Upstox
- ICICI Securities
- Dhan
- Motilal Oswal
- Other discount and full-service brokers
The biggest challenge for Upstox is therefore not customer acquisition alone but retaining active users and increasing revenue per customer.
Customer & Market-Share Concern
Upstox has experienced a decline in active clients from its earlier peak.
A July 2026 Jefferies industry study showed active clients falling from approximately 5.2 million in March 2022 to around 2.7 million in March 2025, while market share also declined.
More recent NSE data showed around 1.9 million active clients in July 2026.
This is one of the most important concerns investors should examine.
The business has:
20 Mn+ registered users
but only approximately:
1.9 Mn active clients
Therefore:
Registered users ≠ active revenue-generating customers.
Technology Platform
Upstox has invested significantly in technology.
Its current platform includes:
- Advanced charting
- TradingView integration
- 100+ technical indicators
- Multiple chart layouts
- Trading APIs
- Algoverse
- Wealth Tracker
- Portfolio tools
- SIP investing
- Mutual funds
- IPO access
- Global investing
The company describes its mission as making investing accessible, affordable and simple for Indian investors.
Investor Base
Upstox has attracted a strong group of technology and financial investors.
Notable investors include:
- Tiger Global
- Ratan Tata
- Stride Ventures
- Other institutional/private investors
The company has raised approximately $220 million across funding rounds according to reports, while some databases show different totals depending on how securities and rounds are classified.
Unicorn Status
Upstox became a unicorn in 2021 after a funding round that valued the company at approximately:
$3.5 billion
This provides an important historical valuation reference, although the current private-market value can be substantially different.
Current Unlisted Share Price
As of 9 September 2026, one private-market reference shows:
₹1,16,476 per share
for RKSV Securities–Upstox.
Moneycontrol’s partner-derived reference was approximately ₹1,13,149/share, illustrating the limited price discovery in unlisted securities.
Current Reference
| Particular | Indicative Value |
|---|---|
| Unlisted Price | ~₹1.13–1.16 lakh/share |
| Face Value | ₹10 |
| Shares Outstanding | ~23.62 lakh |
| Indicative Market Cap | ~₹26,700 Cr |
| ISIN | IN90MQ103018 |
The price is an OTC/private-market indication, not an NSE/BSE traded price.
Valuation
At approximately ₹26,700 crore market capitalisation and FY25 PAT of approximately ₹215 crore, Upstox is being valued at roughly:
~124× FY25 PAT
This is a very important point.
The market is therefore assigning Upstox a substantial premium to its current earnings.
The valuation could be justified if:
- active customers recover,
- revenue growth accelerates,
- profitability improves,
- wealth products become meaningful,
- IPO expectations strengthen.
But if earnings remain around ₹200–250 crore, the current private valuation leaves relatively little margin of safety.
IPO Opportunity
Upstox’s IPO story has become more relevant in 2026.
In August 2026, reports said the company had begun preliminary discussions with investment banks regarding a potential IPO.
The proposed transaction could potentially raise approximately:
$400 million
through a combination of fresh shares and an offer for sale by existing shareholders.
Current IPO Status
| IPO Parameter | Status |
|---|---|
| IPO Discussions | Yes |
| Banker Discussions | Early Stage |
| Expected Potential Size | ~US$400 Mn |
| DRHP | Not filed / publicly confirmed |
| SEBI Approval | No |
| IPO Date | Not announced |
| Listing | Potential future event |
This is fundamentally different from companies such as Jio Platforms or PhonePe, where formal IPO documentation has already progressed much further.
Upstox should therefore be marketed as:
“Potential Pre-IPO / IPO Candidate”
—not:
“IPO Confirmed.”
Investment Positives
| Positive | Why It Matters |
|---|---|
| 20 Mn+ Customers | Large distribution base |
| Profitable Business | FY25 PAT ~₹215 Cr |
| Positive Cash Flow | FY25 operating cash flow ~₹245 Cr |
| Strong Brand | Recognised digital brokerage |
| Technology Platform | TradingView, APIs, Algoverse, advanced tools |
| Multiple Products | Stocks, F&O, MF, IPOs, commodities, currencies |
| Strong Investors | Tiger Global and Ratan Tata association |
| WealthTech Opportunity | Opportunity to monetise investors beyond brokerage |
| IPO Optionality | Preliminary banker discussions underway |
| Non-Metro Reach | Significant customer base beyond major metros |
Key Risks & Concerns
| Risk | Concern |
|---|---|
| High Valuation | ~₹26,700 Cr implied value versus ~₹215 Cr FY25 PAT |
| Active Client Decline | Active clients have fallen materially from earlier levels |
| Revenue Growth | FY25 operating revenue was broadly flat |
| Brokerage Pressure | Competition keeps pricing highly aggressive |
| Regulatory Risk | SEBI/exchange changes can affect brokerage economics |
| F&O Dependence | Industry revenue is heavily linked to trading activity |
| Market Cyclicality | Lower market participation can reduce revenue |
| Competition | Groww, Zerodha and Angel One are extremely strong |
| IPO Uncertainty | Preliminary discussions do not guarantee an IPO |
| Unlisted Liquidity | Private shares can be difficult to sell |
| Valuation Risk | Current OTC valuation already prices in significant future growth |
Regulatory & Brokerage Risk
The online-brokerage industry is undergoing significant regulatory changes.
Changes in:
- derivatives trading rules,
- brokerage structures,
- transaction charges,
- investor protection requirements,
- margin regulations,
- exchange fees,
can directly influence brokerage profitability.
This is particularly important for discount brokers because their business model depends on large trading volumes and relatively low per-transaction pricing.
Growth Opportunity
Upstox’s next phase needs to be about monetisation rather than just user acquisition.
The company can potentially increase revenue per customer through:
Trading → Mutual Funds → SIPs → Wealth Tracking → MTF → Global Investing → Advisory/Financial Products
This can transform Upstox from a brokerage platform into a broader digital wealth platform.
Investment Rationale
The Upstox thesis rests on four key factors.
1. Large Customer Base
More than 20 million registered customers provide a significant distribution network.
2. Proven Profitability
Unlike many early-stage fintech companies, Upstox has already generated meaningful profits.
3. WealthTech Expansion
The company is moving beyond brokerage into mutual funds, wealth tracking, SIPs and broader investment solutions.
4. IPO Optionality
The reported 2026 banker discussions provide a potential liquidity event for existing shareholders.
However, the IPO should be considered an optionality, not a guaranteed catalyst.
The Biggest Investment Question
The biggest issue with Upstox today is:
Valuation versus earnings.
At approximately ₹26,700 crore implied market capitalisation and ~₹215 crore FY25 PAT, investors are effectively paying a very high earnings multiple.
Therefore:
Good business ≠ Good investment at every price.
The investment becomes more attractive if:
Earnings Growth + Active Customer Growth > Valuation Expansion
If the company can grow PAT from ~₹215 crore toward ₹400–500+ crore over the next few years, the current valuation becomes easier to justify.
If earnings remain stagnant, the valuation risk is substantial.
Investment View
Business Quality: ⭐⭐⭐⭐
Strong brand, technology platform and established customer base.
Growth Potential: ⭐⭐⭐⭐
WealthTech expansion provides additional monetisation opportunities.
Profitability: ⭐⭐⭐⭐
Already profitable with positive operating cash flow.
Market Position: ⭐⭐⭐½
A major player, but currently behind Groww and Zerodha on active-client scale.
IPO Catalyst: ⭐⭐⭐
Potential IPO discussions are positive, but the process is still very early.
Valuation: ⭐⭐
This is the biggest concern at the current private-market price.
Overall View
Upstox is a fundamentally established and profitable Indian fintech business, but the current unlisted valuation demands strong future growth.
The most attractive part of the story is the combination of:
20 Mn+ registered users + profitability + positive cash flow + strong technology + wealth-tech opportunity + potential IPO.
The biggest concern is:
~₹26,700 Cr implied valuation vs ~₹215 Cr FY25 PAT.
Therefore, Upstox should not be purchased simply because it may eventually IPO.
UnlistedCart View
“Established Digital Brokerage Platform | 20 Mn+ Customers | Profitable WealthTech Opportunity | Potential IPO — But Valuation Is Key.”
Investment Category:
High-Quality FinTech / WealthTech — Valuation Sensitive
Best suited for: Investors who believe Upstox can materially increase active customers, monetisation and profitability over the next 3–5 years and are comfortable with unlisted liquidity risk.
Share Details
| Particular | Details |
|---|---|
| Company | RKSV Securities India Private Limited |
| Brand | Upstox |
| CIN | U74900DL2009PTC189166 |
| ISIN | IN90MQ103018 |
| Status | Unlisted |
| Sector | FinTech / Stock Broking |
| Face Value | ₹10 |
| Shares Outstanding | ~23.62 lakh |
| Indicative Price | ~₹1.13–1.16 lakh |
| Indicative Market Cap | ~₹26,700 Cr |
| FY25 Revenue from Operations | ~₹945 Cr |
| FY25 Total Income | ~₹1,208 Cr |
| FY25 PAT | ~₹215 Cr |
| FY25 Operating Cash Flow | ~₹245 Cr |
| Registered Customers | 20 Mn+ |
| Active Clients | ~1.9 Mn as of July 2026 |
| Historical Unicorn Valuation | ~$3.5 Bn |
| Potential IPO | ~US$400 Mn reported |
| IPO Status | Early Discussions |
| DRHP | Not filed |
| Listing Date | Not announced |
Important Entity Note
For an UnlistedCart listing, use:
RKSV Securities India Private Limited (Upstox)
rather than simply “Upstox Limited.”
Upstox is the consumer-facing brand, while the legal corporate structure includes RKSV Securities India Private Limited and its subsidiary Upstox Securities Private Limited. The official Upstox website confirms that Upstox Securities Private Limited is wholly owned by RKSV Securities India Private Limited.
Before completing an unlisted transaction, verify:
Legal Entity → ISIN → Share Class → Number of Shares → Face Value → Demat Status → Transferability
Disclaimer
This report is for educational and informational purposes only and does not constitute investment advice, an offer, solicitation or recommendation to buy or sell securities.
Unlisted-share prices are private-market/OTC indications and may differ materially between sellers, platforms and transactions. The current price and valuation should be independently verified before any transaction.
The reported IPO discussions are at an early stage and do not guarantee an IPO, issue size, valuation or listing date. Investors should independently verify the latest financial statements, shareholding, ISIN, transfer restrictions, taxation and any future SEBI filings before investing.
For more such unlisited stocks visit https://unlistedcart.com/unlisted-shares/
