Upstox begins early IPO talks with banks, eyeing about $400 million.
Would follow Groww's ₹6,630 crore IPO from November, now valued at $12.8 billion.
Upstox has raised $220 million to date, ranks fifth by active clients.
Upstox, one of India's largest online trading platforms, has started preliminary discussions with investment banks about a possible initial public offering, according to a Bloomberg report. The Tiger Global-backed stock brokerage is expected to appoint advisers soon.
The proposed IPO could raise around $400 million, comprising a mix of fresh shares and an offer for sale by existing investors, the report said. It added that talks are still at an early stage, meaning the size and timing of the offering could still change.
1 August 2026
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Should the IPO materialise, Upstox would become the second major Indian broking firm to go public within a year. In November, Billionbrains Garage Ventures, the parent of Groww and India's largest stock broker, raised ₹6,630 crore (about $693 million) through its own initial public offering. Groww is currently valued at around $12.8 billion.
As of July 31, Upstox ranked fifth among Indian brokerages by active clients, with roughly 1.9 million users, according to National Stock Exchange data. Groww led the rankings, followed by Zerodha, Angel One and ICICI Securities.
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Data from Tracxn shows Upstox has raised about $220 million across six funding rounds, with backers including late Tata Sons chairman Ratan Tata, Tiger Global and Stride Ventures. The company turned unicorn in 2021, after a funding round valued it at $3.5 billion, according to its website.
