Investment tech start-up upstox has onboarded 10 million users on the platform since its inception in 2009, and has seen a 10x growth in its user base in the last two years. The milestone comes at a time when the COVD-19 pandemic has led to a significant surge in the number of retail investors across the country with stock markets performing well despite a slowdown in the economy.
Upstox, which has the likes of Zerodha, Groww , IND Money as its competitors, claims that it has been able to achieve this milestone by simplifying the concept of wealthtech investment and that an intuitive product experience has been at the heart of companys meteoric rise.
“Our mission is to magically simplify investing for every Indian. And with this milestone of 1 crore customers, we are just getting started in our mission. People from across the country have appreciated our efforts to increase access to investing and we are grateful for that. We are excited about the path in front of us, and the potential to make investing a habit for every Indian,” Ravi Kumar, co-founder & CEO, Upstox, said.
The investing platform has seen tremendous broad-based growth in the last three years – over 50 per cent of the customers are millennials, nearly 70 per cent are first-time investors, and more than 85 per cent belong to Tier 2 and Tier 3 cities. And in the next 4-5 years, the Upstox team aims to onboard 20-30 crore (200 million to 300 million) customers.
This growth will be made possible by offering a seamless, intuitive and hassle-free investing experience, backed by cutting-edge technology, the company said. Upstox claims to have delivered the highest stability and is one of the highest ranked apps in the industry. The platform is confident that continuing the focus on cutting-edge features made customer-friendly through intuitive design, will make it the investing partner of choice for everyone, the company said in a statement.
India currently has only 2 per cent of its population who invest in stock markets, thereby representing a huge addressable market opportunity for the wealthtech players, especially the millennials, who constitute a majority of the userbase on the platforms. A recent SBI report noted that the confidence of the middle-income group in Indias equity market is sharply rising. This is particularly true of the millennial investors who wish to invest a part of their savings/ income in markets, especially in the face of any adverse circumstances.
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