There are two types of brokers. One, who is broke after investing in stocks. Second, a stock broker. For the 2nd largest stock broker in India, Upstox, it is safe to say they fall into the latter part of the above-mentioned lame joke.
Upstox is an online discount brokerage firm funded by Ratan Tata, Kalaari Capital, and GVK Davix. Started as a proprietary trading firm in 2008, it was registered under RKSV Securities. Later in 2012, it entered into the retail brokerage space.
Upstox has its headquarters in Mumbai, India, and holds memberships with MCX, MCX-SX, BSE, and NSE. It is the fastest-growing brokerage firm in India and, as we mentioned above, the 2nd largest stock broker in the country. It is focused on empowering investors and traders or financial success.
Success story of Upstox
It all started with two brothers, Ravi Kumar and Raghu Kumar, who always had an interest in stocks and trading. Before Raghu joined the venture in his college days, Ravi had a small account since his school days from which he used to trade.
While trading continuously, they learned about the space in detail and realised that the traditional way of trading on a desktop is fun, but algorithmic trading would benefit the trader much more. This diverted their attention to algorithmic trading at a very early stage. This realisation gave birth to RKSV.
Both the brothers had one aim, to establish a retail brokerage firm. They continued to run algorithmic trading, but their goal was accomplished in 2012 when RKSV successfully entered the retail broking industry and opened for the retail public. Later in May of 2016, the company was rebranded as Upstox.
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Starting its venture in 2008, Uptox is now the second-largest discount broker in terms of active clients in India and is ranked in the top five brokerage houses in the country. It is entirely an online broker that specialises in derivatives, equity, commodities, currency, initial public offerings (IPOs), GSec, bonds, and mutual funds.
Upstox’s mission statement says, “At Upstox, we believe that the quality of the team determines the quality of the product. Hard work, honest effort, and sincerity are the traits we value.”
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The Upstox success story does not end here. In the future, the co-founders want Upstox to become the country’s preferred destination for all banking and finance offerings.
The brokerage company aims to have over 300 million users on their network by the mid of the decade. They are not focusing on poaching users from their competitors. Instead, their main focus lies in improving the quality of services they provide.
