Upstox's parent, RKSV Securities, was founded around 2008 by Ravi Kumar, Raghu Kumar and Shrini Viswanath. It began as a proprietary trading firm that traded with its own systems. In 2012 the team opened the same technology to retail investors under the Upstox brand.
Kalaari Capital wrote an early $4 million cheque. Ratan Tata took a 1.33% stake in 2016. In 2019 Tiger Global bought about 31% of the company, and it invested about $50 million across two rounds in 2019 and 2021.
Upstox competes with Zerodha, Groww and Angel One on price. Operating revenue crossed Rs 1,000 crore in FY23 and the company reported its first profit, Rs 25 crore. It reported a profit of about Rs 215 crore in FY25.
In October 2024 Ratan Tata partly exited through a buyback, and Upstox said it returned 23,000% on his original investment. The company's last reported valuation is $3.5 billion, and it says it has more than 10 million customers.