We have been in the business of building wealth for our customers for over a decade. Ravi, Shrini and Raghu had spent most of their lives in the United States where they had started multiple companies together. One of their annual family trips to India in 2009 turned into a life changing moment when they saw the tremendous potential in the Indian market - back then, the equity market participation in India was just 2%.
So Upstox was born in 2009 (then known as RKSV) in a small apartment in Delhi, serving a small cohort of customers, helping them grow their investments in the public markets. We then moved to Mumbai, and momentum grew. Thousands of customers joined us purely through word of mouth. Kavitha joined the team a few years into our journey and supercharged our growth, strategy, finance and operations. This was the beginning of our exponential scaling.
We kept innovating at the cutting edge of fintech, even before fintech was a thing! We were the first in the industry to launch unlimited trading plans at a fixed price.
Another first was going completely paperless for our onboarding back in 2016. Thanks to the ‘financial superhighway’ innovation of the government (the push for digital identity via Aadhar and eKYC and the push for digital payments), our scale grew by orders of magnitude.
We expanded our proposition from India to Bharat, with 70% of our new users coming from Tier 2 / 3 markets. This exponential growth came because of reducing barriers to entry to all customers. In 2021, we took this rocketship to the moon with our partnership with the Indian Premier League (IPL). In 2020, we had crossed a cumulative number of a million customers, and in 2021, we added the same number in a single month! Our first nationwide partnership with the world’s largest cricketing league along with our mass media campaign made us a household brand across the country.
We are just getting started, and we will continue to build for every Indian’s prosperity.