Upstox
Upstox is an Indian discount broker and retail financial services platform, incorporated as RKSV Securities India Private Limited, and headquartered in Mumbai, Maharashtra. Founded in 2009 by Ravi Kumar, Shrinivas Viswanath, and Kavitha Subramanian, the company originally traded as RKSV before rebranding to Upstox in 2016. The company is notable for an early investment by Ratan Tata, chairman emeritus of the Tata Group, and for a US$25 million Series B round by Tiger Global Management in 2019. Upstox is consistently ranked among the top five Indian stockbrokers by NSE-active client count, with approximately 2.5-3 million active clients as of early 2026. The platform is technically oriented, offering a publicly documented third-party developer API that supports algorithmic trading integrations, a feature that distinguishes it from several larger competitors.
Founding and history
RKSV origins (2009-2016)
Ravi Kumar and Shrinivas Viswanath, along with Kavitha Subramanian (who later became an executive director), incorporated RKSV Securities India Private Limited in Mumbai in 2009. The founding coincided with the early phase of commodity trading growth in India, as the Multi Commodity Exchange (MCX) and National Commodity and Derivatives Exchange (NCDEX) expanded retail participation. RKSV initially focused on providing low-cost commodity and equity derivatives trading to active traders, positioning itself against the then-dominant full-service brokers and early discount entrants.
The company obtained its NSE and BSE memberships and SEBI stockbroking registration during 2009-2011, and subsequently added currency derivatives and commodity segment memberships.
Rebranding and growth (2016-2019)
RKSV rebranded to Upstox in 2016, reflecting an aspiration to build a broader consumer identity beyond the commodity and derivatives-focused RKSV name. The Upstox brand was accompanied by a redesigned mobile application targeting the emerging smartphone-based trading segment.
Ratan Tata invested personally in Upstox, a publicly acknowledged backing that provided significant brand credibility for the company’s consumer expansion efforts. The Tiger Global Series B (US$25 million, 2019) substantially increased the company’s capital base for marketing and technology investment.
Expansion phase (2020-2025)
Upstox launched an IPO investment feature integrated with UPI, added mutual fund distribution capabilities, and released Upstox Pro Web, a browser-based trading interface with advanced charting tools from TradingView. During the COVID-19 period (2020-2021), the Indian equity market experienced a surge in first-time retail participants; Upstox’s active client count grew from fewer than one million to over five million between 2020 and 2022.
A data security incident in April 2021 resulted in Upstox notifying clients that a third party had gained access to contact data stored in a third-party cloud partner’s environment. Upstox stated that trading or financial accounts were not compromised and that additional security measures were implemented.
By 2023-2024, Upstox’s active client count had moderated from its 2022 peak as overall market growth slowed and competition from Groww and Angel One intensified. The company retained its position as a top-five broker by active client count.
Ownership and corporate structure
Upstox operates through RKSV Securities India Private Limited (SEBI registration INZ000185934). A separate entity handles commodity broking (MCX and NCDEX memberships). The company is private; no IPO had been filed as of early 2026.
Significant investors include:
| Investor | Details |
|---|---|
| Ratan N. Tata (personal investment) | Early investor; personal backing; not a Tata Group corporate investment |
| Tiger Global Management | US$25 million Series B, 2019 |
| GIC (Singapore sovereign wealth fund) | Participated in later rounds |
The founders retain equity positions. Exact shareholding percentages are not disclosed in public filings beyond what appears in Ministry of Corporate Affairs records.
Products and services
Equity trading
Upstox provides NSE and BSE equity cash market trading for both intraday and delivery positions. Advanced order types including cover orders (CO), bracket orders, and after-market orders (AMO) are supported, providing active traders with risk management tools not present in simpler platforms.
Equity derivatives
NSE and BSE equity F&O trading is fully supported, with access to index and single-stock derivatives, weekly and monthly expiries, and an integrated option chain screen within Upstox Pro Web.
Commodity derivatives
MCX commodity futures and options, including gold, silver, crude oil, natural gas, and agricultural commodities, are available via RKSV Commodities Private Limited, the group’s commodity broking entity.
Currency derivatives
NSE and BSE currency derivatives are supported, covering USD/INR, EUR/INR, GBP/INR, and JPY/INR pairs plus related futures and options.
Mutual funds
Upstox expanded into direct-plan mutual fund distribution, allowing clients to invest in equity, debt, and hybrid funds without leaving the platform.
IPO and NCD applications
ASBA and UPI-based IPO and non-convertible debenture (NCD) applications are supported on both mainboard and SME platforms.
Charge structure
| Segment | Brokerage |
|---|---|
| Equity delivery | Nil |
| Equity intraday | Rs 20 per executed order or 0.05%, lower of the two |
| Equity futures | Rs 20 per executed order |
| Equity options | Rs 20 per executed order |
| Currency derivatives | Rs 20 per executed order |
| Commodity F&O | Rs 20 per executed order |
Account charges (approximate; verify current schedule at upstox.com):
- Demat account opening: Nil (promotional) or nominal fee
- Annual maintenance charge (AMC): Rs 150 per annum (subject to periodic revision)
- STT, exchange transaction charges, SEBI fees, stamp duty, and GST are passed through at regulatory rates
Technology platforms
Upstox Pro Web
Upstox Pro Web is a browser-based trading platform integrating TradingView charts, an option chain analyser, and market depth screens. It is positioned as a comprehensive tool for active equity and F&O traders, with real-time data feeds and one-click order placement from charts.
Upstox Pro Mobile
The mobile application supports the full feature set of the broker including equity, F&O, commodity, and currency trading, portfolio tracking, and mutual fund investment. Available on Android and iOS.
Upstox API
Upstox provides a publicly documented REST API and WebSocket feed, branded as the Upstox Developer API. The API supports market data subscription, order placement and modification, portfolio access, and historical data retrieval. Developers register on the Upstox developer portal and receive API keys for building algorithmic trading systems or third-party applications. This capability places Upstox alongside Zerodha (Kite Connect) and Fyers (Fyers API) in the developer-accessible broker segment, setting it apart from Groww , ICICI Direct , and bank-backed full-service brokers that have not published equivalent APIs.
Regulatory registrations
- SEBI stockbroker: INZ000185934 (NSE and BSE)
- MCX and NCDEX member: commodity derivatives broking through RKSV Commodities
- Depository participant: CDSL (Central Depository Services (India) Limited) for demat accounts
- AMFI-registered distributor: for mutual fund distribution
Security incident (2021)
In April 2021, Upstox disclosed that an intruder had accessed a third-party data warehouse storing client contact information including names, email addresses, and phone numbers. The company stated that trading accounts, bank account details, and financial assets were not accessed and that the breach was limited to the data warehouse of a cloud vendor. The incident was reported to SEBI and law enforcement. Upstox issued security advisories to all affected clients and implemented additional data access controls. No regulatory penalty had been publicly disclosed as a direct consequence as of the period covered by this article.
Recent developments
2019: Tiger Global Series B investment of US$25 million. Active client count at NSE crossed 500,000.
2020-2021: COVID-19 market surge drove rapid client acquisition. Active client count grew from approximately 700,000 to over 5 million. Upstox Pro Web launched. Data breach disclosed in April 2021.
2022: Client count exceeded 10 million registered users. NSE active client count peaked around 3.5-4 million, placing Upstox in the top three nationally.
2023-2024: Market-wide moderation in new account growth. Upstox stabilised in the top five by active client count. Developer API updated to v2.
2025: Upstox retained a top-five position. Company remained private; no IPO filing as of May 2026.
Comparison with Zerodha
Both Upstox and Zerodha are SEBI-registered discount brokers with flat-fee brokerage, zero delivery brokerage, and developer API offerings. Key distinctions:
- API ecosystem: Both Zerodha (Kite Connect) and Upstox (Upstox API v2) support third-party algorithmic trading. Zerodha’s ecosystem is older and has a larger number of registered third-party applications.
- TradingView integration: Upstox Pro Web is built directly on TradingView charts; Zerodha’s Kite uses a custom chart powered by TradingView as well, but Upstox’s integration is more visually prominent.
- Commodity trading: Upstox supports MCX and NCDEX; Zerodha supports only MCX. This gives Upstox an advantage for agricultural commodity traders.
- Client scale: Zerodha and Groww are both larger than Upstox by active client count as of 2026.
- Research: Zerodha’s Varsity platform and Upstox’s Learn section are both educational portals; Zerodha’s is more comprehensive by content volume.
For a detailed point-by-point comparison, see Zerodha vs Upstox .
References
- NSE active client data, January 2026, National Stock Exchange of India monthly broker statistics
- SEBI SCORES broker registration, RKSV Securities India Private Limited (INZ000185934)
- Ministry of Corporate Affairs, RKSV Securities India Private Limited company filings
- Tiger Global Series B press release, 2019, via company announcement
- Upstox data breach notification to clients, April 2021
- SEBI circular on true-to-label fee disclosure, September 2023
- Upstox Developer API documentation, v2, developer.upstox.com
- MCX member directory, RKSV Commodities Private Limited
- AMFI distributor registration, Upstox mutual fund entity
- NSE broker statistics report, Q3 FY2025-26