Ratan Tata and Tiger Global-backed digital broker Upstox has hit another milestone with its customer base having crossed the one-crore mark. This makes Upstox the largest equity broker in the country in terms of number of customers and the first-ever equity broker to cross one crore customers base.
Founded in 2009, Upstox had achieved the milestone of 10 lakh customers in June 2020 and has grown 10x in less than two years.
Commenting on this milestone, Ravi Kumar, Co-Founder and CEO, Upstox, said, “Our mission is to magically simplify investing for every Indian. And with this milestone of one crore customers, we are just getting started in our mission. People from across the country have appreciated our efforts to increase access to investing and we are grateful for that. We are excited about the path in front of us, and the potential to make investing a habit for every Indian.”
Simplifying wealth by providing access, information and an intuitive product experience have been at the heart of Upstox’s meteoric rise.
Broad-based growth
The investing platform has seen tremendous broad-based growth in the last three years — over 50 per cent of the customers are millennials, nearly 70 per cent are first-time investors, and more than 85 per cent belong to tier-2 and tier-3 cities.
And in the next four-five years, the Upstox team aims to onboard 20-30 crore (200 million to 300 million) customers.
Inclusive equity participation
Kumar had recently told BusinessLine in an interview that the digital broker will continue to participate in the India growth story by leveraging tech innovations to make equity participation more inclusive and accessible.
Upstox is also working on building a new version of its app that will transform the way customers can invest while making it hassle-free and educational for them.
In India, equity participation is still low at 5-6 per cent as compared to over 50 per cent in developed countries.
The broking sector in India has undergone a revolution over the years, fuelled by technological advancements and significant shifts in market structure.