Upstox reports 25% bounce in FY24 revenue at Rs 1,311 crore
Stock broking and wealth control platform Upstox on friday said a sales of Rs 1,311 crore for the financial year ending march 2024 (FY24), up 25% yoy from Rs 1,051 crore in FY23.
It claims to have clocked an adjusted net income (without ESOP cost) of Rs 190 crore, an 8x growth. This marks the second consecutive yr of profitability for the company, it stated.
Upstox, which competes with the likes of Groww and Zerodha, had around 170 million registered users, with 85% coming from tier- and -3 places.
In phrases of active users, it maintained fourth role with 2.89 million energetic users (as on december 2024) and a 5.83% market percentage. Groww, Zerodha and Angel One retain to dominate the market proportion with 13.sixteen million (26.49% marketplace proportion), 8.12 million (16.41%) and 7.seventy five million (15.67%) users, in step with the facts from the national stock trade (NSE).
Meanwhile, Zerodha stated an working sales of Rs 9,372 crore while Groww clocked Rs three,a hundred forty five crore in FY24.
"In FY24, we centered on innovation and excessive-impact growth, ensuring every investor and trader has the best gear at their fingertips. We're building a profitable, innovation-pushed, and consumer-first business enterprise that sets new benchmarks in safety, speed, and ease. Our purpose is to end up India's maximum depended on economic accomplice, making wealth introduction seamless for every Indian," said ravi Kumar, CEO & Co-founder, Upstox.
Upstox presents retail buyers with investment alternatives, which include stocks, ipos, futures & alternatives (F&O), commodities, currencies, constant deposits, peer-to-peer lending, authorities bonds, non-convertible debentures (ncds), gold, and coverage.
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