Upstox, one of India’s largest investment platforms, has emerged as one of the largest brokers in the country at the end of the previous financial year, with a total client base of three million.
With close to 3 million customers, Upstox, set up in 2009 by Ravi Kumar, Kavitha Subramanian and Shrini Viswanath has set up record growth in the last two to three years, driven largely by the migration of millennials to digital-native trading platforms.
The increase in the number of active traders is largely fueled from Tier-II and Tier-III towns with a vast majority being first time investors. Upstox has logged 5X growth in account opening by women in 2020, compared to 2019, Kumar points out. “Around 65% of Upstox women customers are first-time investors, and 30% are housewives,” he says.