The Delhi High Court has issued an interim injunction in favor of online brokerage platform Upstox, restraining unidentified entities from infringing upon its registered trademarks and copyrighted materials.
The company approached the court after discovering fraudulent websites and social media accounts impersonating its brand.
The impersonators allegedly used Upstox’s brand name, logo, and copyrighted images to mislead customers, resulting in financial losses and reputational damage.
Recognizing the prima facie evidence and the potential for irreparable harm, the court ordered an immediate cessation of such activities.
The interim injunction prohibits the use of Upstox’s trademarks, domain names, social media handles, or any deceptively similar identifiers.
It also directed domain registrars to suspend the infringing domain names and disclose the registrants’ details, including Know Your Customer (KYC) documents and payment information.
The next hearing is scheduled for May 20, 2025.
Upstox’s Efforts to Combat Fraud
Upstox has actively worked to combat impersonation scams, launching a comprehensive awareness campaign last year to educate and protect its customers.
The initiative aimed to inform users about online scams and prevent misuse of the platform’s branding.
About Upstox
Founded in 2009 by Kavitha Subramanian, Raghu Kumar, Ravi Kumar, and Shrinivas Viswanath, Upstox is a prominent investment and trading platform with a customer base exceeding 1.3 crore.
The company has raised $60.25 million in funding to date and has diversified its offerings, including its entry into the insurance distribution sector in May 2024.
On the financial front, Upstox reported profitability in FY23, with a consolidated profit of over INR 25 crore.
The company’s broking revenue surged by 44%, surpassing INR 1,000 crore, while EBITDA exceeded INR 200 crore.
Competitive Landscape
Despite its growth, Upstox faces stiff competition from other investment platforms, including Zerodha, Groww, PhonePe, and Paytm, across various verticals.
With the High Court’s interim injunction, Upstox is expected to strengthen its efforts to safeguard its intellectual property and maintain trust among its customer base.
