Tiger Global has invested $25 million (approx ₹177 crore) in an online stock broking startup Upstox through second round of institutional funding.
The platform will use the latest sum of money to expand its business, strengthening the product platform as well as for hiring.
Upstox was started by Shrini Viswanath, Raghu Kumar, and Ravi Kumar in 2009. The platform allows retail investors to trade in the equity market and claims to contribute over three percent of the national trades conducted across exchanges in India.
Also, along with stock trading, it also offers advisory services and mutual fund investments as well. It plans to double its workforce to 300 from the current 180 full-time employees.
At present, Upstox has around 300,000 clients.
Upstox is in process to target Indian millennials to invest more actively in the stock markets. It aims to invest in attractive products to get more customers from small cities and towns in India.
Mumbai-based stock broking space is backed by Ratan Tata and Kalaari Capital.
Some of the significant startups in the stock broking genre include Zerodha, Quadeye, Dolat Capital, Sensibull, Synoption, Drive Markets and many more.