The high-profile appointment is targeted to help Upstox, backed by industrialist Ratan Tata and private equity firm Tiger Global, foray into global markets, they said.
The Bengaluru-based startup firm is reportedly eyeing a Wall Street listing through the popular SPAC (special purpose acquisition company) route.
Dyamappa led Amazon’s international consumer expansion for four years before quitting this month, as per his LinkedIn profile. He has previously worked with US-based travel tech firm Sabre Holdings for over a decade.
In his new role, Dyamappa will be tasked to upgrade Upstox’s technology stack as the Indian stock market is set for a few mega-initial public offerings in the coming months including those of state-owned behemoth Life Insurance Corporation of India and fintech firm Paytm.
A mailed query sent to Upstox didn’t elicit a response as of press time Sunday.
The highly competitive online stock broking segment has seen new-age startups such as Zerodha, Upstox, Groww and Paytm Money emerge on the scene as many first-time traders took to stock trading amid the pandemic lockdown, buoyed by Indian stock exchanges’ bull run coupled with low interest rates.
Formerly called RKSV Securities, Upstox was founded in 2008 as a proprietary trading firm. It entered the retail brokerage space in 2012.
The appointment of Dyamappa comes just months after Upstox saw hackers breach its systems, allegedly compromising data of 2.5 million customers. The startup at the time had said it had appointed an external cybersecurity firm to investigate the issue and shore up security protocols.
With Dyamappa taking over as CTO, Upstox cofounder Shrini Viswanath who is currently heading its technology vertical is expected to assume other strategic roles within the company setup.
Ravi Kumar and Kavitha Subramanian are the other cofounders of the firm.
The startup has kicked off hiring to beef up its team across verticals, as per its LinkedIn page.
As per a media report in March, Upstox is exploring a US listing through the SPAC route.
While ET could not independently verify this, sources said the company management had initiated a global search for a new CTO with “international credentials for possible global forays”.
A SPAC is a ‘blank cheque’ firm that raises capital through initial public offering to eventually acquire an existing private company. SPAC-styled IPOs are seen as a smoother and cheaper mechanism to get listed on the bourses against the traditional listing process.
As per recent disclosures by Upstox, it has four million customers. More than 80% of them are in the age group of 18–36 years and around 70% are first-time investors.