Upstox Case Study

Upstox Case Study – Business Model, Founders, Competition

Hi guys, if you are a little bit familiar with the equity market then I am sure you have listened to the name of Upstox. It is India’s one of the largest broking house. An online website that offers brokerage-free equity investments, retail, institutional broking, and commodities trading.

Upstox has stock trading information and capabilities. Before we start let me tell you today we will talk about Upstox Case Study. About their business model and founder.

Before 2010 these financial market were not developed and was not having tech up to date. The main concern of that time was that the people were not literate that much. People were having the negative reputation of the stock market in their minds.

Nowadays this industry is growing at a very rapid pace but all this revolution was taking place due to the introduction of discount brokers in the industry.

Upstox Case Study

Upstox is a tech-first low-cost broking firm in India. They are providing trading opportunities at unbeatable prices. In other words, they are giving tough competition to other discount broking house.

Upstox provides you with trading on different segments such as equities, commodities, currency, futures, options which are available on its Upstox Pro Web and Upstox Pro Mobile trading platforms.

Upstox is backed by a group of investors including Kalaari Capital, Ratan Tata and GVK Davix. Upstox trading platform offers trading, analysis, charting and many more rich trading features. 

Upstox which was changed its name from RKSV. They were established in 2012. They are having Mumbai based headquarters.

As of April 2021, Upstox has the second-highest number of active clients on NSE after Zerodha.

If youtalk about Upstox trading services in equity, currency, and commodity. They are backed by a strong group and reputed founders.

Upstox Case Study - Upstox is backed by Ratan Tata & Tiger Global Management

They are growing very rapidly but the thing with Upstox founders we can learn is they bootstrapped them and took it to the unicorn are funded by India’s one of the most trusted person Shri Ratan Tata. So we can trust this broker as it is backed by a strong financial group.

As per NSE’s data, Upstox is the fastest-growing retail broker in India today, with a 12-fold increase in its number of clients who have trusted their wealth with the platform over the last 3 years.

Upstox has been profitable for over two years now, currently processes over USD 120 billion of India’s monthly exchange turnover, all of it coming from retail investors across the country.

Upstox Founders

Upstox was founded by three founders Ravi Kumar, Kavitha Subramanian, and Srinivas Vishwanath. Upstox is also a CDSL and NSDL registered broker.

Upstox Founders - Upstox Case Study

Ravi Kumar is a co-founder at Upstox and serves on its Board of Directors. He holds a Bachelor of Science degree in Computer Science from the University of California, Irvine.

Ravi works on product and investor relations at Upstox. Before coming to Upstox, he worked on trading his own capital alongside his brother Raghu, where they designed various automated trading strategies to trade on foreign exchange markets worldwide.

Kavitha is also a co-founder at Upstox and serves on its Board of Directors. She focuses on growth, strategy, finance, and customer experience at Upstox.

Kavitha holds B.Tech and M.Tech degrees in Electrical Engineering from the Indian Institute of Technology, Bombay. He is also an MBA from the University of Pennsylvania’s Wharton School.

Before working on Upstox, Kavitha was a private equity investor at Leapfrog Investments and Actis Investments, where she specialized in healthcare deals. She is also a management consultant with McKinsey and Co. and also worked in microfinance at SKS Microfinance.

Shrini is a co-founder at Upstox and serves on its Board of Directors. Shrini leads technology at Upstox. He holds a Bachelor of Science degree from the University of Illinois, Urbana Champaign.

Shrini is an expert in high-frequency trading, he has spent considerable time building low latency highly scalable systems in the field of automated trading. Prior to Upstox/RKSV, Shrini worked at Citibank in various management roles.

Upstox Business Model

Like all other discount brokers, Upstox also plays on a low brokerage high turnover model. They charge very nominally as a brokerage for trader’s transactions. It leads to high transaction turnover.

Upstox Case Study - Business Model

As fee collection of many smaller amounts from a larger number of clients leads to the generation of good revenue for Upstox.

One more thing that aiding high-profit margins for the company is their operational costs.  They operate quite low for Upstox as compared to some of the top full-service brokers.

Upstox works on the online structure which allows them to maintain low operational costs.

Discount brokers mostly focus on larger active client base so that they can generate good amount of revenue for their firm.

Also, The Operational Costs Are a Little Low When Compared To Some Of The Top brokers In The Market. Its Online Structure Enables It to Maintain Low Operational Costs.

They Used Amazon’s Cloud Service Called AWS As It’s Server and Hosting Provider.

Upstox – Growth

They are now among the top 3 Indian stock brokers. Almost touched 3 million clients in April 2021.

Upstox Trusted by Lakhs of indians - Upstox Case Study

They generate around 1-2 million trades every day. Upstox is the second largest retail brokerage firm across in India

They are adding 50,000 to 60,000 accounts every month and growing very speedily.

As we know about Indian financial market and its vast size.

Mr. Ravi Kumar, Co-founder and CEO, Upstox, said: 

“Our goal is to increase equity participation amongst the new generation by drastically reducing brokerage and maximising customers’ profits while delivering a world-class trading experience. Currently, 70% of our customers are from Tier-2 and Tier-3 cities in India. Our vision is to cater to the next 500 million Indians going online for all their financial services needs. We are focused on building India’s largest financial services brand, and are extremely excited to have Tiger Global partner with us on this journey.” 

Upstox Competition

The main competition of Upstox is with Zerodha, IIFL, Finvasia, Angel Broking, SAS Online, Beeline Broking, Greetika Broking, TradingBells, Sharekhan, Edelweiss, and Karvy Stock Broking.

Let’s compare it to basic competition. The thing that makes it different from others.

  • Zerodha- They are with almost the same services and almost the same brokerage structure. They are the market leader.
  • 5pasia- They are also with the same services but pricing is different as they are offering zero brokerage trading. 5paisa provide better services and brokerage is also lower (Rs.10 per order flat)
  • Flyers- In this case services and pricing structure as the same as Zerodha. But they provide free API.
  • Angel Broking- They also provide the same services but the margin offered is way higher.

The broking field is very competitive in India. It is not easy to stand out in throat cutting edge competition.

How Much Is Upstox Worth?

Upstox is expected to worth more than 750 Crore With its 2 Million+ Clients base.
The Model Has Gained a Huge Success and Traction From Consumers Which Made Them a Leading Broker In India By Defeating Its Rival HDFC Securities, Kotak, ICICI Etc.

Who is competitor of Upstox?

Along With The Competition From Other Discount Brokers Like Zerodha, Groww, 5Paisa, Paytm Money Faces Huge Competition From Full-Service Brokers Such as HDFC Securities, Kotak Securities, Motilal Oswal, etc.


As we today studied about India’s top stock broker Upstox Case Study- Business Model, Founders, Competition the most fascinating thing we learned about the journey of Upstox competition with market leader Zerodha. How he disrupted and changed the broking community completely.

They are growing very rapidly but the thing with Upstox founders we can learn is they bootstrapped them and took it to the unicorn are funded by India’s one of the most trusted person Shri Ratan Tata.

So we can trust this broker as it is backed by a strong financial group.

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