Ratan Tata and Tiger Global-backed Upstox, a digital investment and trading platform, expects to be “significantly more profitable”this fiscal, riding on buoyant stock markets and an increased customer base of new-to-equity market investors, Ravi Kumar, Co-Founder and CEO, has said.
It had closed last fiscal with an EBITDA of ₹200 crore and consolidated net profit of ₹25 crore. Broking revenue in 2022-23 was up 44 per cent to over ₹1,000 crore.In the last two quarters this fiscal, Upstox has generated over ₹ 200 crore in cash, Kumar noted, adding that the firm was now a very profitable business.
Public listing
Going forward, Upstox aspires to go in for a public listing and launch an initial public offering (IPO) in the next 2-3 years, he said when asked about plans for a public float of shares. Upstox currently has more than 1.3 crore customers on its platform. “There are plans to go public at some point in the future. We are getting ready and aspire to do it. But no banker has yet been appointed and we have no date in mind”, Kumar said.
“Nothing would make us more proud than becoming a public listed company at some point. Reason why we exist is because of public markets and going public will bring higher level of corporate governance and transparency to the business. We will do it when the time is right”, Kumar said.
He said that Upstox had no immediate plans for fundraising as the company was generating good levels of cash now. “We are not looking to raise capital for now”, Kumar added.
Kumar said that Upstox is already in the process of hiring 250 new employees including engineers, managers etc. As of date, the company has an employee count of 600 people.
In 2024, Upstox will aim for more diversification in revenue by launching new products and monetisation from the new product launches, he added. “Going forward, our strategy will be to focus on quality service, more than quantity. We have built scale, and are now shifting gears with a greater than ever attention on product innovation and exhaustive investor education initiatives”, Kumar said.
In the world of financial markets and investments, Ravi Kumar is a name that stands out. As the founder of Upstox, a Mumbai-based startup providing a mobile trading platform for stockbrokers and investors, Ravi Kumar has played a pivotal role in making stock trading accessible to ordinary Indians.
Founders (largest shareholder) own 51.50%, Funds own 36.03%, Enterprises own 3.62% and Angels own 1.90%. The net worth of Upstox's founders is INR 13,600Cr as of May 11, 2022.
Ravi Kumar, Mr.Raghu Kumar and Mr.Shrini Viswanath are the co-founders of the company. The company is also backed by a group of investors including Ratan Tata, Tiger Global and GVK Davix.
claimed it turned profitable in the financial year 2022-23 (FY23) with a consolidated profit of over INR 25 Cr. In a statement, Upstox said its broking revenue jumped 44% to cross the INR 1,000 Cr mark in FY23. Its EBITDA also surpassed the INR 200 Cr level.
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So Upstox was born in 2009 (then known as RKSV) in a small apartment in Delhi, serving a small cohort of customers, helping them grow their investments in the public markets.
Upstox has an employee rating of 3.7 out of 5 stars, based on 165 company reviews on Glassdoor which indicates that most employees have a good working experience there.
Groww overtakes Zerodha as top brokerage in India with 6.63 million active investors. Upstox ranks fourth and Angel One ranks third in active investors. Groww had 6.63 million active investors, whereas Zerodha had 6.48 million, as of end of September, according to NSE data.
Upstox is an investment platform. The company is certified with the market regulator Securities and Exchange Board of India (SEBI). Cricketer Shikhar Dhawan invested in Upstox in 2022. The company achieved the unicorn status in November 2021 after it raised USD 25 million at a valuation of over USD 3 billion.
Upstox is a tech-first discount broking firm in India that provides trading services across different segments, including mutual funds, equities, commodities, futures, and options.
The digital arm of the Tata Group, Tata Digital, is gearing up to take on investment tech platforms Zerodha and Groww by launching stock trading and mutual fund investment offerings on its fledgling super app Tata Neu, sources told Inc42.
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