Upstox plans to become one-stop shop for investors
The Hindu
Ratan Tata and Tiger global-backed Upstox is gearing up to become a one-stop shop for investors, according to co-founder Shrini Viswanath
Ratan Tata and Tiger global-backed Upstox is gearing up to become a one-stop shop for investors, according to co-founder Shrini Viswanath.
“In the next three quarters, we will be coming out with new products such as sovereign gold bonds, digital gold receipts and bank fixed deposits,” he said during an interaction.
Besides, Upstox has initiated talks with some non-banking finance companies to offer personal loans to its customers ranging from ₹10,000 to ₹50,000.
“We also want to diversify our product offering, and with that aim in mind, we are planning to apply for an Asset Management Company (AMC) licence. We anticipate applying in this fiscal year,” he said.
Having supported many IPOs in recent years through its platform, Upstox is also planning to go public in three to five years and increase its customer base 10-fold from 1.1 crore (as of June 2022) to 10 crore in five years.
“To accomplish this vision and as part of our growth strategy in terms of revenue, we aim to grow it by 30-40% this year,” he said.
During FY23, Upstox’s operating revenue (broking revenue) grew by 44% and breached the ₹1,000 crore mark. It achieved breakeven and generated positive net cash of about ₹130 crore in Q4.
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