Stockbroking platform Upstox has reported strong revenue growth in the fiscal year 2024, with its revenue rising by 25% to Rs 1,311 crore. The company also saw an eightfold increase in net profit, reaching Rs 190 crore. This marks Upstox’s second consecutive profitable year as it continues to expand its presence in India’s retail investment sector.
Upstox Base Across India
Upstox has been focusing on growing its customer base beyond metro cities. Around 85% of its users are from Tier 2 and Tier 3 cities, highlighting its commitment to making investment services accessible across the country. The platform offers a wide range of financial products, including equity trading, mutual funds, insurance distribution, and fixed-income investments.
To enhance user experience, Upstox has introduced several new features, such as real-time analytics for traders and UpNews, a digital financial news service. These additions aim to provide better market insights and help investors make informed decisions.
CEO Vision for Upstox
Ravi Kumar, CEO and Co-founder of Upstox, credited the company’s success to continuous innovation and a customer-first approach. “We are building a profitable, technology-driven, and secure platform that makes investing seamless for every Indian. Our goal is to become the most trusted financial partner in the country,” he stated.
Upstox operates in a competitive market, going head-to-head with established players like Zerodha, Groww, Angel One, and PhonePe’s Share.Market. India’s stockbroking sector has seen strong retail participation due to favorable market conditions and increasing financial awareness.
Rival firm Groww reported a revenue jump to Rs 3,145 crore but faced a net loss due to a one-time tax expense. Zerodha maintained its leading position with Rs 8,370 crore in revenue and Rs 5,000 crore in profit, while Angel One posted Rs 4,280 crore in revenue for the same period.
Upstox Future Growth Strategy
Looking ahead, Upstox plans to continue expanding its product offerings and improving its platform’s security and speed. By catering to the growing demand for investment solutions in smaller cities, the company aims to strengthen its market presence and attract more investors.
With strong financial performance and ongoing innovations, Upstox is positioning itself as a key player in India’s digital stockbroking industry.