Upstox Ties up With Tavaga to Offer Investment Advisory Services

/ -- Upstox (also known as RKSV Securities Pvt. Ltd.), the new-age online discount-broking firm, backed by Mr. Ratan Tata, Kalaari Capital, and GVK Davix, has tied up with Tavaga Advisory Services, a leading state-of-the-art advisory firm focused on providing investment advisory services via low-cost Exchange Traded Funds (ETFs).

Penetration of financial products is very low in India. While there are approximately 75 crore bank accounts in this country, the number of demat accounts are limited to less than three crores. Retail investors, especially in rural India, don't have access to the same advice, execution technology and processes in investment products as available to professional funds. As a result, a large chunk of population is left out of financial inclusion, resulting in more socio-economic problems.

Through the Upstox-Tavaga partnership, both companies intend to bring more consumers into the investing universe who had, till now, explored only the traditional methods of investing.

Upstox has extended its reach to tech-savvy youngsters and tier-2 & tier-3 cities, where facilities are limited. Now, with Tavaga, Upstox aspires to bring more retail participation in the share market and promote cost-effective ETFs. Tavaga aims to empower investors by helping them save more and achieve user-defined goals, through investments in ETFs.

Talking about the objective behind this tie-up, Ravi Kumar, co-founder and CEO, Upstox says, "As India becomes a $5 trillion economy in the next five years, stock market participation can only increase from the current levels. We have already seen a huge interest from rural India to participate in the India growth story. However, costs and complexities while investing have been big deterrents. Upstox understands this and has actively been working on solutions that will not just address this issue but also encourage active participation in the stock market. Our larger objective is financial inclusion, and we are happy to discover that Tavaga is working on the same objectives."
Giving insights on the advisory objective, Nitin Mathur, co-founder and CEO, Tavaga, says, "While retail investors at the top end of the wealth pyramid have access to quality advice, incentive of wealth advisers to serve the larger pool of population is absent. Tavaga's vision is to democratise investment advisory and cater to investors' goals and needs through more transparent and efficient investing. Use of ETFs is a prudent financial advice to customers, and Tavaga aspires to leverage these financial instruments and increase financial inclusion. Upstox has been a pioneer in bringing best-in-class execution capabilities to retail investors and we are glad to be working with them towards a common goal of financial inclusion."
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