Stock broker Upstox records Rs 1,000 cr operating revenue in FY2022-23

Investment platform Upstox (RKSV Securities India Pvt Ltd) has recorded Rs 1,000 crore operating revenue during the last financial year, a top official said here on Monday.

The company which has been recording consistent growth over the last three years would also be launching fixed deposits and was also engaging with some banks and financial institutions in this connection, co-founder Shrini Viswanath said.

Upstox's operating revenue (broking revenue) grew 44 per cent in FY2022-23 and breached the Rs 1,000-crore mark, he told reporters.

According to Viswanath, the company achieved break-even for FY23 and generated positive net cash of around Rs 130 crore in the fourth quarter of FY23. "Upstox concluded the fiscal with cash reserves of close to Rs 1,000 crore," he said.

On the outlook for the current financial year, he said during the last three years, the company witnessed its customer base grow to 1.1 crore as of date from 10 lakh in June 2020.

All the efforts are being focussed on making investing accessible to every citizen and grow the customer base to 10 crore in the next five years, he said.

"Our efforts in creating awareness about financial investment is being well received across the country, and I am grateful for that. We are positive that our core vision of facilitating a culture of diverse financial investing, will help us reach newer horizons and make us the partner of choice for customers," he said.

"We firmly believe in the transformative power of financial empowerment and strive to make a lasting impact on the lives of all our users through our platform," he said.

Giving some statistics, he said nearly 62 per cent of the investors were first time compared to the national average of 49.4 per cent.

In Tamil Nadu, the percentage of professionals holding accounts with Upstox is over 12 per cent, which is more than double the national average of 5.6 per cent, he said.