RKSV

RKSV, known by the brand name Upstox, is one of India’s fastest-growing retail broking firms. The company allows retail investors in India to invest in stocks, futures, options, currencies and commodities at lower rates compared to traditional full-service brokers. It is headquartered in Mumbai, India and holds memberships with the NSE, BSE, MCX, and MCX-SX. [1][2]

RKSV
Private
IndustryOnline Stock Broker
Founder
  • Raghu Kumar
  • Ravi Kumar
  • Shrinivas Viswanath
Headquarters30th Floor, Sunshine Tower, Senapati Bapat Marg, Dadar (W), Mumbai, Maharashtra 400013,
Mumbai, Maharashtra
,
India
ProductsStocks, Options, Futures, Commodities, Currencies, Mutual Funds
Number of employees
300 (June 2019)
Websitewww.upstox.com

Upstox’s suite of products includes a mobile trading app, mutual funds investment platform, desktop trading platforms, strategy builders and brokerage and margin calculators. Upstox offers a paperless demat account opening and trading platform. Traders can trade in intraday/commodities/F&O/currencies on the Upstox platforms.[3][4]

History

Brothers Ravi Kumar and Raghu Kumar first took up trading as a hobby during their teenage years. Later, Ravi joined broking firm Thinkorswim in 2004 where he learned the ropes of professional trading. In 2006, Ravi, along with Raghu, started their own firm, which gave them a turnover of US$ 20 million in the next two years. In 2008, the brothers moved to India & together with their friend Shrinivas Vishwanath, Raghu and Ravi set up RKSV Securities in 2009 solely for proprietary trading purposes. [5]

In 2011, RKSV opened up to the general public by entering retail brokering with a trading plan that allowed retail traders to cut down considerably on their brokerage costs.[6][7]

RKSV Securities changed the brand name of its trading platform to Upstox in 2016. [8]. Upstox has raised Series A funding from many investors such as Kalaari Capital and Ratan Tata. [9].

Upstox raised $25 million in its second round of institutional funding from Tiger Global Management in 2019. [10]

Upstox

Upstox is a trading platform from RKSV. Upstox’s entire onboarding process and trading is online based on a low-cost brokerage model. Although Upstox has a robust Call-and-Trade service, nearly 98.5% of trade orders are received through its web and mobile platforms.[11]In 2016, the company launched the e-Aadhar account opening service, making the process of trading faster, entirely paperless, and efficient.[12]

In 2018, Upstox launched its mobile app that enabled traders to trade in the regional language, Hindi. The company stated that the launch of the mobile app in Hindi would enable more inclusive growth, particularly in India’s vast Hindi-speaking belt. More than 70% of trading orders come in through Upstox Pro mobile with higher participation in stock markets from Tier III cities on mobile platforms. [13]

References
  1. "Aiming to replicate US, Europe brokerage fee concept in India". The Hindu Business Line. 10 November 2013. Retrieved 14 November 2014.
  2. "Discount broking not yet, say brokerages". Business Standard. 10 November 2014. Retrieved 17 November 2014.
  3. "Trade the millennial way with India's top broking Apps". The Asian Age. 26 February 2020. Retrieved 23 April 2020.
  4. "Upstox Achieves a Historic First Opens 1 Lakh Demat Accounts in December". The Week. Retrieved 23 April 2020.
  5. "Raghu Kumar: Disrupting Broking With Flat Fee Models". Forbes India. Retrieved 24 April 2020.
  6. "Raghu Kumar Disrupting Broking With a Flat Fee Model". Forbes. 12 February 2014. Retrieved 14 November 2014.
  7. "Boom for discount brokers, gloom at large operators". The Hindu Business Line. 16 November 2013. Retrieved 14 November 2014.
  8. "RKSV renamed as Upstox". BusinessLine. 12 September 2016. Retrieved 12 September 2016.
  9. "RKSV raises a Series A round". RKSV. 28 February 2016. Retrieved 28 February 2016.
  10. Bhakta, Pratik (20 September 2019). "Upstox gets $25 million from Tiger Global". The Economic Times. Retrieved 24 April 2020.
  11. "Not just top 5 cities, now Tier III cities also contributing to retail participation in stock markets". EquityBulls. 31 October 2018. Retrieved 15 May 2020.
  12. "Upstox launches e-Aadhaar account opening service | Chennai News - Times of India". webcache.googleusercontent.com. Retrieved 15 May 2020.
  13. "Not just top 5 cities, now Tier III cities also contributing to retail participation in stock markets". EquityBulls. 31 October 2018. Retrieved 15 May 2020.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.