Upstox, one of India’s leading wealth tech platforms, recently announced the launch of US stock and ETF trading, bringing access to global markets to their over 20 million (2 crore) customers.1 The launch is powered by Alpaca, a global leader in agent-first brokerage and clearing infrastructure.
Historically, Indian investors seeking exposure to US securities have had to navigate cross-border remittance requirements, account-opening processes, and associated costs.2,3 Despite these hurdles, the demand for global assets has risen. According to US Treasury data, reported holdings of US equities attributed to investors resident in India increased from approximately $6 billion in 2020 to $28.7 billion in 2025, an increase of approximately 378%.4,5,6
Upstox’s new offering aims to capitalize on the growing momentum and continue to remove traditional barriers to entry by providing a localized, modern experience for global investing. With Alpaca’s Broker API, Upstox now enables fractional and notional trading, allowing eligible users to invest in US stocks and ETFs for as little as a $1 USD, roughly ₹95*.
"I began trading in US stocks at 16, long before I envisioned building a platform that would one day give crores of Indians access to global markets. That early experience fundamentally shaped how I think about investing, and in many ways, it shaped the course of innovation at Upstox,” said Ravi Kumar, CEO and Co-founder, Upstox. “International investing represents the next significant phase of growth for India's wealth ecosystem, and launching US stocks feels like a full-circle moment, taking everything we have learned about US markets and channeling it into a platform built for Indian investors. Years later, I have the privilege of opening that same door for crores of Indians."
Upstox also leverages Alpaca’s direct funding wallets, enabling users to access USD in their portfolios. The funding will operate under India’s Liberalised Remittance Scheme (LRS), allowing users to remit up to $250,000 USD annually for overseas securities.7
The partnership is further reinforced by Alpaca’s deepening commitment to the Indian market. In April 2026, Alpaca announced that it had finalized the acquisition of Zincmoney, a broker-dealer regulated by the International Financial Services Centres Authority (IFSCA) and operating from Gujarat International Finance Tec-City (GIFT City). The acquisition brings Zincmoney's India-focused brokerage licenses, IFSC-listed products, leadership, and payment infrastructure to Alpaca, establishing a local regulatory and operational presence that helps support Upstox’s growth in one of the world's fastest-growing financial markets.
"We are excited to support Upstox as they build a comprehensive wealth management platform for tens of millions of Indian investors," said Yoshi Yokokawa, Co-Founder and CEO of Alpaca. “Congratulations to the team for bringing their vision to life. We’re thrilled to see more investors in India gain easier access to global markets through this launch."
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References
- Upstox
- NSEIX opens doors to U.S. stocks for Indian investors - The Hindu.pdf
- NSE IX Opens Direct US Stock Trading for Indians, Sparks Regulatory Debate
- U.S. Department of the Treasury, Foreign Portfolio Holdings of U.S. Securities as of June 28, 2024, Table A2, “Foreign Holdings of U.S. Equities, by Country.” The table reports approximately $6 billion for India in 2020. Available at: https://ticdata.treasury.gov/resource-center/data-chart-center/tic/Documents/shl2024r.pdf
- U.S. Department of the Treasury, Foreign Portfolio Holdings of U.S. Securities as of June 30, 2025, Table 1. The preliminary table, dated February 27, 2026, reports $28.731 billion in U.S. equity holdings attributed to India. Available at: https://ticdata.treasury.gov/resource-center/data-chart-center/tic/Documents/shlptab1.html
- Percentage calculated using the reported rounded figures: (($28.7 billion − $6.0 billion) ÷ $6.0 billion) × 100. Because the 2020 figure is rounded, the resulting percentage is approximate.
- Liberalised Remittance Scheme (LRS)
*As of Sep 2, 2026
The content of this blog is for general informational purposes only. All examples are for illustrative purposes only.
Securities brokerage services are provided by Alpaca Securities LLC (dba "Alpaca Clearing"), member FINRA/SIPC, a wholly-owned subsidiary of AlpacaDB, Inc. Technology and services are offered by AlpacaDB, Inc.
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This article is for informational purposes only. Examples are illustrative and are not investment advice.
Fractional share trading allows a customer to buy and sell fractional share quantities and dollar amounts of certain securities. Fractional share trading presents unique risks and is subject to particular limitations that you should be aware of before engaging in such activity. See Alpaca Customer Agreement at https://alpaca.markets/disclosures for more details.
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