Besides, the investment firm is also looking to lead a $100-130 million funding round, along with private equity biggie General Atlantic, in real estate platform NoBroker, The Economic Times reported on Monday.
Upstox, which provides products and tools such as web-, desktop- and mobile-based trading platforms, and application programming interfaces (APIs) for developers, plans to use the funds to double its workforce from 180 to 300 employees.
The startup last raised $4 million from in Series A funding from Kalaari Capital with the participation of GVK Davix Technologies Pvt. Ltd, a contract research firm, and others in February 2016. The startup claims to cater to 3 lakh clients.
Meanwhile, NoBroker is expected to raise the aforesaid funding amount at a valuation of $400 million. In June, General Atlantic had also led a $51-million financing in NoBroker, valuing the startup at $200 million. Other investors who participated in the funding round included existing investors SAIF Partners and BEENEXT.
So far, the total corpus raised by NoBroker stands at $71 million.
The real estate search portal, which operates in cities such as Bengaluru, Chennai, Gurgaon, Mumbai and Pune, said in a statement that it plans to use the funding to expand its operations and spruce up customer growth, besides investing in home store and financial services offering.
NoBroker, founded by IITians Akhil Gupta, Amit Kumar Agarwal, and Saurabh Garg in 2014, operates over 2.5 million properties on its portal. It claims to have served over 6 million users so far.
The startup counts Nestaway, Proptiger, 99Acres, and MagicBricks among its competitors.