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Upstox

Indian retail brokerage with in-house market news (commercial/industry-aligned, not political)

Owned byUpstox is operated by Upstox Securities Pvt Ltd, a wholly owned subsidiary of RKSV Securities India Pvt Ltd. Co-founders Ravi Kumar and Kavitha Subramanian hold stakes alongside outside investors. Search results put Tiger Global at about 38%. Ratan Tata's investment vehicle (RNT Associates) is also an investor. Kalaari Capital is another backer. Some of these ownership figures come from secondary sources and may be out of date.
FundingUpstox is a for-profit trading platform. Its main revenue is brokerage fees, which were about Rs 767 crore of roughly Rs 945 crore operating revenue in FY25. It also has non-operating income such as interest. It has raised about $220M in venture funding. Its news and market-analysis content is a marketing and engagement channel for the brokerage, not a separately funded newsroom. Its largest cost is advertising and promotion (about Rs 467 crore in FY25).
On the administrationmostly neutral

Background

Upstox was co-founded in 2009 by Ravi Kumar, Kavitha Subramanian and Shrini Viswanath. It began as RKSV, a brokerage that served traders, and later grew into a mobile-first discount broker under the Upstox brand. Ratan Tata invested in 2016, and the company later raised money from Tiger Global and Kalaari Capital, reaching a valuation reported at nearly $3 billion. In 2024 the company bought back about 5% of Tata's holdings at a large multiple of his original investment. Upstox reported FY25 operating revenue of about Rs 945 crore (flat year over year) and a profit of about Rs 215 crore. The company says it had about 2.08 million active clients in late 2025, a market share of roughly 4.6%. Its website publishes market news, stock coverage and educational explainers that also draw in new customers. This is commercial content from a broker with an interest in trading activity, so readers should treat it as industry-aligned rather than independent journalism. I did not find a record of notable editorial controversies. Its coverage of the Trump administration is limited to market effects, such as tariffs, trade and interest rates, and is not ideological. I did not review recent articles directly for this profile, so the stance rating rests on the outlet's commercial model and not on a close reading of its coverage.

Sources

  1. About Us - Upstox
  2. Upstox delivers 10x return to Ratan Tata following buyback (Entrackr)
  3. Upstox FY25 Revenue Flat At Rs 945 Cr; Profit Jumps 21.5% (BW Disrupt)
  4. Upstox — Funding, Revenue & Investors (Inc42)
  5. Upstox Company Profile Funding & Investors (YourStory)

Profile compiled 2026-10-07; refreshed when ownership, funding, or the administration changes.

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