Investment platform Upstox has initiated preliminary discussions with investment banks for a potential initial public offering (IPO) for raising around $350-400 million (around ₹3,351-3,829 crore), sources said.The proposed IPO is likely to comprise a combination of fresh shares and an offer-for-sale by existing investors, they added.Upstox has raised around $220 million across six funding rounds from investors including the late Ratan Tata, Tiger Global, Kalaari Capital and Stride Ventures.The company became a unicorn in 2021 after a funding round that valued it at $3.5 billion.Meanwhile, Upstox crossed the 2-crore mark in KYC-registered customers and aims to expand its user base to 10 crore over the next five years.The company said 85 per cent of its customers are from Tier-II and Tier-III cities, while nearly 70 per cent are first-time investors.“From welcoming our first customer in a small office in BKC to reaching 2 crore customers today, we have come a long way,” Ravi Kumar, CEO and co-founder of Upstox, said in a statement on Thursday.He said the company remains focused on using technology to help customers make better financial decisions and widen access to financial markets.As of July 31, Upstox ranked fifth among domestic brokerages in terms of active clients, with around 1.9 million users, according to data from the National Stock Exchange (NSE). Groww topped the list, followed by Zerodha, Angel One Ltd and ICICI Securities.The company has also received regulatory approval to facilitate international and US stock investing through GIFT City. Upstox will operate as a broker-dealer and route trades through foreign clearing firms.Published on August 21, 2026