Upstox Achieves Remarkable Growth in FY24

After generating Rs 1,050 crore in revenue with profitability in FY23, the stock broking platform Upstox marked another impressive year with a 25% year-on-year growth for the fiscal year ending in March 2024. Additionally, the profits soared eightfold to reach Rs 190 crore during this same period.

According to a company press release, Upstox’s revenue from operations rose to Rs 1,311 crore in FY24, up from Rs 1,050 crore in FY23.

Investment Options Offered by Upstox

Upstox caters to retail investors by providing various investment options, such as stocks, IPOs, futures and options (F&O), commodities, currencies, fixed deposits, peer-to-peer lending, government bonds, non-convertible debentures (NCDs), gold, and insurance. As reported by the company, its user base stands at 1.7 crore, with a notable 85% of customers coming from tier II and III cities.

The CEO and Co-founder of Upstox, Ravi Kumar, stated in the press release that the company concentrated on innovation and impactful growth during FY24, aiming to provide every investor and trader access to optimal tools. The vision is to develop a profitable, innovation-focused, and customer-oriented enterprise that establishes new standards in security, speed, and simplicity.

New Ventures and Funding

In May 2024, the company also ventured into the insurance distribution sector.

So far, Upstox has raised over $200 million and was valued at $3.5 billion during its latest funding round. As per various sources from the startup data intelligence platform, Tiger Global stands as the largest external stakeholder with a 38.54% holding. The founding team, including Ravi Kumar, Shrinivas Vishwanath, and Kavitha Subramanian, collectively owns 36.12% of the company, while Raghu Nathan Kumar, the director, holds a 15% stake.

In October 2024, Upstox provided a 10X return to Ratan Tata during a partial buyback.

Competitive Landscape

Upstox faces competition from several key players in the market, such as Zerodha, Groww, Angel One, and PhonePe’s Share.Market. For FY24, Groww’s revenue climbed to Rs 3,145 crore, while Zerodha reported revenues of Rs 8,370 crore, alongside profits of Rs 5,496 crore. Angel One announced revenues of Rs 4,280 crore in the previous fiscal year.

As per the National Stock Exchange, Upstox ranks fourth in terms of active users, boasting 2.89 million. Groww retains the leading position, followed by Zerodha and Angel One.