Upstox, led by Kavitha Subramanian, has emerged as one of the rapidly expanding investment platforms in the country. Impressively, in the fiscal year 2022-23, Upstox achieved a remarkable revenue milestone of Rs 1,000 crore. This accomplishment highlights the company’s significant growth and success in the investment industry.
Upstox, a brokerage unicorn backed by Ratan Tata, has achieved a significant milestone by crossing the Rs 1,000 crore revenue mark in FY 2022-23. Co-founded by Kavitha Subramanian, Ravi Kumar, and Shrini Viswanath, Upstox has emerged as the closest competitor to Zerodha, led by billionaire Nithin Kamath. In 2021, Upstox secured the distinction of being India’s 40th billion-dollar startup, surpassing the valuations of competitors Zerodha and Groww. This success further solidifies Upstox’s position as a prominent player in the industry.
Upstox, recognized as one of the rapidly expanding investment platforms in the country, had its beginnings in 2009 as RKSV Securities, founded by Ravi Kumar and Shrini Viswanath. The company was established with the vision of providing retail traders and investors in India with accessible investment opportunities. Subsequently, Kavitha Subramanian joined Upstox as a co-founder in 2016. In her role, she oversees growth, strategy, finance, and customer experience at the company, which currently boasts a valuation of $3.4 billion.
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Having graduated from the esteemed Indian Institute of Technology, Bombay, Kavitha Subramanian holds both a BTech and an MTech in Electronics and Telecom. Her professional journey began as a Business Analyst at McKinsey & Company, where she gained valuable experience over a five-year tenure. Subsequently, Subramanian pursued her MBA in Finance from the renowned Wharton School in the United States. Prior to joining Upstox, she contributed her expertise to private equity and investment firms, including Actis and LeapFrog Investments.
To enhance its reach and expand its user base, Upstox forged an official partnership with the esteemed Indian Premier League (IPL) in 2021. This three-year agreement, reportedly valued at Rs 145 crore, aimed to capture the attention and interest of millions of young individuals aspiring to improve their financial management. Kavitha Subramanian, in her strategic approach, highlighted the goal of Upstox to cater to this demographic.
Upstox enjoys substantial backing from notable venture capital firms such as Tiger Global and Kalaari Capital, as well as esteemed angel investors like Ratan Tata, an iconic industrialist, and Shikhar Dhawan, a renowned cricketer. These influential supporters have contributed to Upstox’s growth and prominence in the investment industry.