Upstox’s FY24 Revenue Jumps 25% YoY To INR 1,311 Cr

Upstox’s FY24 Revenue Jumps 25% YoY To INR 1,311 Cr

SUMMARY

Upstox said its “net profit” surged 8X YoY to INR 190 Cr. However, the number excluded ESOP costs

Revenue zoomed 25% to INR 1,311 Cr in the financial year 2023-24 (FY24) from INR 1,051 Cr in the previous fiscal year

Upstox claims to have 1.7 Cr users on its platform, with about 85% of its customers coming from Tier II, III cities

Broking platform Upstox said that its revenue zoomed 25% to INR 1,311 Cr in the financial year 2023-24 (FY24) from INR 1,051 Cr in the previous fiscal year.

On the back of the increase in its top line, Upstox said in a statement that its “net profit” surged 8X year-on-year (YoY) to INR 190 Cr. However, the number excluded ESOP costs. 

With this, the fintech unicorn claimed to have reported a second consecutive year of profitability. Upstox claims to have 1.7 Cr users on its platform, with about 85% of its customers coming from Tier II, III cities.

Notably in FY23, the company turned profitable and posted a consolidated profit of more than INR 25 Cr. 

“We are building a profitable, innovation-driven, and customer-first company that sets new benchmarks in security, speed, and simplicity. Our goal is to become India’s most trusted financial partner, making wealth creation seamless for every Indian.” said Ravi Kumar, CEO and  cofounder of Upstox.

In 2008, Shrini Viswanath, Raghu Kumar, and Ravi Kumar founded Upstox’s parent company RKSV Securities. It ventured into retail brokerage from being a proprietary trading firm in 2012. In May last year, Upstox also forayed into the insurance distribution space

The startup has raised a total funding of about $60 Mn to date and is backed by the likes of Tiger Global. In October, Ratan Tata exited the company with 10X returns on his 1.33% stake which he acquired in 2016. 

Upstox doesn’t charge users for opening a trading account, unlike Zerodha but has a demat account maintenance charge of INR 150. The platform also earns from brokerage and various other charges.

It competes with the likes of Zerodha, Groww, PhonePe, Paytm, among others, in the country’s fast-growing investment tech market.