Retail broking firm Upstox on Tuesday said it has raised USD 25 million (over Rs 177 crore) in Series B funding from American fund house Tiger Global Management.
Backed by Ratan Tata, Upstox has been profitable for over two years now, a statement 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 per cent of our customers are from tier-II and -III cities in India," Upstox co-founder and CEO Ravi Kumar said.
The company's vision is to cater to the next 500 million Indians going online for all their financial services needs, he added.
The funds will be deployed towards strengthening the company's product offerings and technology stack, growing the team and expanding presence in Delhi and Bengaluru.
Scott Shleifer, Partner at Tiger Global Management, said the retail brokerage industry in India is highly under-penetrated.
"...we are excited to partner with Ravi and the Upstox team as they work to make investing in India easier and more accessible. The market opportunity is large and growing and we believe Upstox is well- positioned to gain market share over time," he added.
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