Tiger Global-backed online brokerage Upstox said on Wednesday that it is aiming for a customer base of 6-8 million at the end of 2021. This would be an increase of about 3-4 times from the subscriber base of over 2 million at the end of December. 2020, Upstox said in a statement.
Upstox,which was founded in 2009 by Ravi Kumar, Kavita Subramanian and Shreeni Vishwanath, said that the last two-three years have seen strong growth in terms of the number of customers, mainly due to the digital-native trading platform For Millennials.
The increase in the number of active traders derives largely from tier-2 and tier-3 cities, with a large proportion of first-time investors. According to Upstox co-founder Ravish Kumar, the trend only intensified in the post-epidemic period, as more individuals and families are looking for additional sources of income — beyond traditional tools.
“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 It is not difficult to get started in the stock market. In this digital age, “he said. In addition, Kumar said that 85 percent of Upstox customers conduct daily business through their mobile devices.
The intuitive consumer interface has helped housewives among investors for the first time in equity markets. Kumar pointed out that there has been a 5-fold increase in the account of women in 2020 as compared to 2019.
“About 65 percent of Upstox’s female customers are first-time investors, and 30 percent are housewives.” -opening process has served as a driving force behind the entry of many first-time demat account holders.
Substrokes co-founder Subramanian is confident that this trend will continue, while we have 3 million subscribers, currently, our customer growth is three to four times the previous three years, and we expect the run rate to be 2021 Continuing Vishwanath, one of the founders of digital brokerage, highlighted that Upstox’s chart-sharing, which is one of the industry’s first features, provides customers with real-time data analytics applied to their peers. And allows drawing to be shared.
Upstox Pro-Web 3.0 allows traders to view their orders and portfolio history, along with the split details on the chart, without having to go into their portfolios.