Ratan Tata-backed Upstox breaks even in FY23, aims for 10x growth in user base


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Ratan Tata-backed discount broking company Upstox achieved break-even in FY2022-23 with the overall revenue crossing Rs 1,000 crore, a top official has said.

The company, which also counts Tiger Global among its external investors, is aiming for a 10-times jump in its customer base to 10 crore in the next five-six years, its Co-founder and CEO Ravi Kumar told PTI.

Its operating revenue grew 40% to Rs 1,000 crore, he said, adding that it also generated a positive net cash flow of approximately Rs 130 crore in the last quarter of FY2022-23.

The company’s CEO said it has cash reserves of over Rs 1,000 crore now, and is looking for both organic and inorganic growth opportunities.

“We remain committed to driving growth sustainably and profitably,” he stressed.

At present, the company, founded in 2009, serves 1.1 crore customers across the country, with over 85 per cent of them being in tier-II and tier-III cities and 70% being first-time investors.

Mumbai, Delhi, Pune, Thane, Bengaluru, Jaipur, Hyderabad, Aurangabad, Nashik, and Nagpur have the highest contribution to the customer base, Kumar said.

The company, which raised $100 million as part of Series C funding in January 2022, does not have any fundraising plans at present.

Kumar said the “financial stability” of the company, which competes with rivals like Zerodha, will help it fortify its market position through both organic and inorganic routes, and help it achieve the aspiration to have 100 million customers in the next 5-6 years.

The company said less than 5% of Indians are investing in stocks and the overall potential in the Indian market remains largely untapped.

In the last 18 months, it decided to focus on the Indian market and has paused expansion in the US to prioritise efforts of growing its business locally in India.

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