Upstox mulls entry into lending, insurance to boost growth

Online stock broking unicorn Upstox, which is backed by institutional investors like Kalaari Capital, Tiger Global and IntraEdge, is looking to diversify into newer avenues, as the recent bull run has cooled, and small-ticket public equity investors are taking a breather.

- Malvika Maloo

The Ratan Tata-backed company-last valued at $3.4 billion after it raised $25 million in a Series Cround in 2021-is now mulling diversifying into other financial services such as lending and insurance products, a top executive told VCCircle.

"All these adjacencies in India are easy to launch into. Every fintech company is doing a lot of these things," Ravi Kumar, co-founder and chief executive of Upstox said in an interaction.

"We are not in a rush to launch these products, but we are looking into an AMC (asset management company) business, lending and other applications at different stages," he said.