Upstox doubles user base in six months to 10 mn on strong millennial push

Online stock and mutual fund investment platform Upstox's user base has crossed 10 million, doubling from five million about six months ago.

Founded in 2009, Upstox had around one million customers in June 2020 and has grown 10x in less than two years, the company said.

The investing platform has seen tremendous broad-based growth in the last three years. With over 50 per cent of the customers being millennials, nearly 70 per cent are first-time investors, and more than 85 per cent belong to Tier 2 and Tier 3 cities.

In an interview with Business Standard, Ravi Kumar, CEO, Upstox said, "By the end of FY23, we want to have grown three times."

He added: “Our larger ambition is to be more than just a broker investor platform. We want to be a strong wealth management platform. We want to be in a position that whether it's a savings account, credit card, fixed deposit, or a loan, we want them to come to Upstox.”

Kumar also reiterated that one of the reasons for the growth base to increase is because they have kept the offerings simple and invested in a hassle-free experience.

In the next four to five years, the company is aiming to onboard 200-300 million customers. India had 89.7 million active demat accounts, as per reported data for FY22.

Upstox entered the unicorn club by raising $25 million at a valuation of over $3 billion in 2021. Upstox reported a loss of Rs 71.67 crore in FY21, the company's filings showed.

The online stock investment platforms such as Upstox, Zerodha and several others saw a huge demand from retail investors over the last two years as investors saw higher returns from stock investments. However, the same cannot be said now as stock markets globally have seen a slump.