Upstox eyes 3-4 times growth in its customer base this year to 6-8 mn

Topics Upstox | Tiger Global | customers

Ravi Kumar, co-founder and CEO, Upstox

Tiger Global-backed online brokerage Upstox on Wednesday said it is aiming a customer base of 6-8 million at the end of 2021.

This will be almost a 3-4 fold increase from the customer base of over 2 million at the end of December 2020, Upstox said in a statement.

Upstox, which was set up in 2009 by Ravi Kumar, Kavitha Subramanian and Shrini Viswanath, said it registered robust growth in terms of number of clients in last two-three years mainly due to migration of millennials to digital-native trading platforms.

The increase in the number of active traders is largely fuelled from Tier-II and Tier-III towns with a vast majority being first time investors.

According to Upstox's co-founder Ravi Kumar, the trend has only accelerated in the post-pandemic period, as more individuals and households have been looking for additional sources of income-beyond the traditional instruments.

"The stay-at-home economy is a new experience for all dmographics. It has served as a wake-up call for many millennials to think about investing in the stock market... millennials realized that getting started in the stock market is not that difficult in this digital era," he said.

Kumar, further, said 85 per cent of Upstox customers carry out daily trades through their mobile devices.

The intuitive consumer interface has also helped in bringing housewives among the first time investors in the equity markets.

Upstox has logged 5 times growth in account opening by women in 2020, compared to 2019, Kumar pointed out.

"Around 65 per cent of Upstox women customers are first-time investors, and 30 per cent are housewives, he said.

The simplicity of online trading platforms such as Upstox, with a flat-fee structure, simple interface, and hassle-free account-opening process has served as a driving force behind the entry of several first-time demat account holders.

Subramanian, co-founder of Upstox, is confident that this trend will continue, While we have 3 million customers, currently, our customer growth has been three to four times for the last three years, and we expect the run rate to continue in 2021.

Viswanath, who is one of the founders of the digital brokerage, highlighted that Upstox's chart-sharing, which is among the industry-first features, allows customers to share applied analysis and drawing with their peers with real-time data.

The Upstox Pro-web 3.0 allows high-frequency options to traders to view their order and portfolio history along with the scrip details on the charts, without having to go to their portfolio.


(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel