Upstox has entered the unicorn club by raising $25 million at a valuation of over $3 billion, according to media reports. Business Standard has reached out to the company for confirmation.

The funding round is said to be led by existing investor Tiger Global and is still ongoing. It would also make Upstox valued more than rivals Zerodha and Groww noted the reports.

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Upstox, backed by Ratan Tata and Tiger Global, earlier said in July that more than 70 per cent of its over 2 million new customers are first-time investors and under-36, something even traditional brokerages also back given the massive over 20 million new investors coming into the market during the pandemic year.

According to the data from the National Securities Depository and Central Depository Services, a record 14.2 million new demat accounts were opened in FY21, a nearly three-fold rise from the previous year’s 4.9 million.