Tiger Global-Backed Upstox Begins IPO Talks, Eyes $400 Mn Public Issue: Report

Online stockbroking platform Upstox, backed by Tiger Global, is reportedly in preliminary discussions with investment banks for a potential IPO. The proposed public issue could raise around $400 million (approximately ₹3,800 crore) through a mix of new shares and an offer for sale (OFS), according to Bloomberg, citing anonymous sources.

However, the talks are at an early stage, and the size and timing of the IPO may change. This IPO follows the public market debut of Groww's parent company, Billionbrains Garage Ventures, which raised ₹6,630 crore through its IPO in November last year. The growth of India's retail investor base is contributing to the IPO plans, with the number of unique registered investors on the NSE surpassing 13 crore on April 27, 2026, at a compound annual growth rate of 26.4% between FY21 and FY26.

Upstox, with 18.61 lakh users as of July, is India's fifth-largest stock broker by active clients, according to NSE data. The startup, founded in 2008, has raised around $220 million across six funding rounds, with Tiger Global being its largest shareholder, holding a 38.5% stake as of September 2025. Upstox's parent entity, RKSV Securities, began as a proprietary trading firm before entering retail broking in 2012.

The platform offers investments in stocks, mutual funds, ETFs, IPOs, derivatives, commodities, and recently expanded into health, motor, and travel insurance distribution. Upstox received regulatory approval to operate as a broker-dealer in GIFT City, potentially enabling it to facilitate international investments for Indian users.