Online discount broking firm Upstox has set up record growth in the last two to three years, driven largely by the migration of millennials to digital-native trading platforms ending the previous financial year with 3 million users.
The stock broker from the stable of RKSV Securities has seen tremendous growth over the past two to three years. Its growth accelerated in 2020 due to the onboarding of millions of new first-time retail investors in the Indian stock market.
“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,” said Co-founder and CEO Ravi Kumar.
Kavitha 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.”
Upstox provides a flat-fee structure, a simple interface, and a hassle-free account-opening process which served as a driving force and has disrupted the traditional fee-based model of other stock brokers in the country.
The increase in the number of active traders is largely fueled by Tier-II and Tier-III towns with a vast majority being first time investors.