Online brokerage Upstox allows IPO applications via WhatsApp

Online brokerage Upstox on Wednesday said it will allow investors to invest in initial public offerings (IPOs) and open demat accounts through WhatsApp.

Also, the company aims to increase its customer base to 10 million by the end of FY2022 from 7 million currently, Upstox said in a statement.

It has grown its customer base by 1 million in October 2021 alone.

Upstox provides end-to-end support for IPO applications via WhatsApp, empowering customers by easing the process of account opening, it said.

The key highlight of the latest feature is that all investors, whether they are registered with Upstox or not, can now subscribe to any IPO without moving out of the WhatsApp chat window at any point during the application journey.

With this integration, Upstox aims to achieve a five-fold growth in IPO applications.

"With an aim to further strengthen our customer base in deep India and encourage more millennials to invest, we have integrated with WhatsApp, which is being widely used by users across the country," Upstox co-founder Shrini Viswanath said.

He further said the integration would serve as an enabler for novice investors and make investing an easy, accessible and effortless experience.

"With a huge uptick in IPOs and investors rushing to invest in IPOs, we see this as an opportunity to encourage more investors to open an account and invest through Upstox," he added.