Upstox Unicorn
Upstox: Business Model Canvas
The nine-block Business Model Canvas, filled in only where a public source states it — empty blocks mean we haven't found a citable fact yet, not that the answer is zero.
Value Propositions
Pay just up to Rs 20 for equity, F&O, commodity or currency orders and Rs 0 on Mutual Funds and IPOs.
sourcePowerful mobile and desktop platform accessible to all Indians.
sourceDedicated modes for investors and traders to support their individual needs and goals.
sourceCustomer Segments
Upstox serves retail investors and traders in stocks, F&O, commodities, currencies and mutual funds.
sourceA large share of Upstox's customer base comes from smaller cities beyond metros.
sourceCustomer Relationships
Channels
Primary trading and investing channel for retail customers, rated among the highest on Google Play Store.
sourcePowerful mobile and desktop platform accessible to all Indians.
sourceAlgoverse lets traders automate strategies without writing a single line of code, test them on historical data, and run them systematically during market hours. Live on Web and Android (iOS coming soon).
sourceKey Activities
Operates as a SEBI-registered stockbroker executing equity, F&O, commodity and currency trades across NSE, BSE and MCX.
sourceBuilds and operates Algoverse, a platform to build, backtest and deploy trading algorithms, built on SEBI's retail algo framework.
sourceOperates as a depository participant (CDSL Reg No. IN-DP-761-2024) for holding customers' securities in demat form.
sourceKey Resources
Key Partnerships
Upstox is a registered trading member: NSE TM Code 13942, BSE TM Code 6155, MCX TM Code 46510.
sourceSEBI Registration No. INZ000315837 as a stockbroker; CDSL Reg No. IN-DP-761-2024 as a depository participant.
sourceHDFC Life is among the first insurers to partner with Upstox and feature its term insurance plans on the platform.
sourceRevenue Streams
Charges up to Rs 20 per order on equity, F&O, commodity or currency orders; commission-free equity delivery trading.
sourceIncome from depository participant services (CDSL Reg No. IN-DP-761-2024).
sourceIncludes revenue from distribution of mutual funds, insurance, loans and other financial products.
sourceUpstox announced its entry into the insurance distribution business in May 2024, launching with term life insurance and HDFC Life as its first insurer partner.
sourceCost Structure
The single largest expense head; Rs 467 crore in FY25, around 47% of total expenses.
sourceLegal and professional fees were Rs 123 crore in FY25, an 8% decline YoY.
sourceIn FY22, transaction charges were Rs 114.94 crore and customer support costs were Rs 126.12 crore.
sourceFAQs on Upstox
What is Upstox's business model?
Upstox's core value proposition centers on Affordable, flat-fee trading, Accessible mobile-first platform, Simple, goal-based experience.
How does Upstox make money?
Upstox's cited revenue streams include Brokerage / commission income, Depository operations, Management services & other operating income, Insurance distribution.