Chennai, May 16:
Upstox, an online discount brokerage company, is working out a three-pronged strategy to maintain to offer cheaper transcation and sales while rising its exponential growth momentum and boost revenues.
Tamil Nadu has emerged as the third biggest market with average number of orders doubling over the last one year. The customer base from Chennai and the rest of the state tripled in the period, said Ravi Kumar, Co-Founder and CEO, Upstox.
Mobile app in Tamil
The company has seen a 200 per cent growth in terms of customer usage in the past one year, supported by growing interest among people living in non-metro locations in stock and mutual fund investments. Its pan-India client base grew to 90,000 from 25,000. Its contribution to the exchanges’ daily notional turnover increased to ₹14,000-18,000 crore a day from ₹5,000-6,000 crore a day last year.
“While FIIs have faith in Indian stocks and make huge returns out of our stocks, our people are still shy of investing in stocks and MFs. But in recent times, people have started to look at new investment avenues and this is reflected in our growth numbers. We would like to offer a stable and easy-to-use platform for stock investors across locations with the help of technology,” said Ravi Kumar.
The company, which offers zero brokerage fees, is working on making its mutual fund section more attractive with advisory and other features for investors.
“We have 100-150 associate partners across India. They are involved in a financial advisory or some sort of financial activities. We plan to increase this strength by three-four times in the next one year,” said Shirini Viswanath, Co-Founder and Chief Technology Officer, Upstox.
Thirdly, it is planning to launch local language versions of its mobile app in order to break the language barrier for the investing population.
In the next two quarters, a mobile app in languages such as Tamil is expected. About 70 per cent of its customers trade on the company’s mobile platform and the average age of its customers has come down to less than 32 from 41 a few years ago.
Chennai, May 16: