The stock broking platform Upstox had another outstanding year with a 25% year-over-year growth in the fiscal year that ended in March 2024, following Rs 1,050 crore in revenue and profitability in FY23. Additionally, during the same time period, the profits increased eightfold to Rs 190 crore.
According to the company's press release, Upstox's operating revenue increased from Rs 1,050 crore in FY23 to Rs 1,311 crore in FY24.
Stocks, initial public offerings (IPOs), futures and options (F&O), commodities, currencies, fixed deposits, peer-to-peer lending, government bonds, non-convertible debentures (NCDs), gold, and insurance are among the investment options that Upstox offers to retail investors. The company claims to have 1.7 crore users, with tier II and tier III cities accounting for a noteworthy 85% of its clientele.
According to the press release, Ravi Kumar Co-Founder & CEO at Upstox stated, "We prioritized innovation and high-impact growth in FY24 to make sure all traders and investors have access to the best resources available. We are creating a profitable, innovation-driven, customer-first business that establishes new standards in security, speed, and simplicity." The company also ventured into the insurance distribution industry in May 2024.
Upstox has raised more than USD 200 million so far, and its most recent fundraising effort was valued at USD 3.5 billion. Tiger Global holds 38.54%, making it the largest external stakeholder, according to the startup data intelligence platform TheKredible. Tiger Global holds 38.54%, making it the largest external stakeholder, according to the startup data intelligence platform TheKredible. 36.12% of the business is owned by the original founders, Ravi Kumar, Shrinivas Vishwanath, and Kavitha Subramanian. The director of the company, Raghu Nathan Kumar, owns 15% of the business.
In the partial buyback in October 2024, the business gave Ratan Tata a 10X return.
The main rivals of Upstox are PhonePe's Share.Market, Groww, Angel One, and Zerodha. Groww's revenue jumped to Rs 3,145 crore in FY24, while Zerodha reported earnings of Rs 8,370 crore and Rs 5,496 crore. Angel One's revenue for the previous fiscal year was Rs 4,280 crore. With 2.89 million active users, Upstox is ranked fourth by the National Stock Exchange. Groww is at the top, followed by Angel One and Zerodha.
