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Upstox co-founders
Online brokerage platform Upstox has recorded an eightfold surge in net profit to Rs 190 crore for the fiscal year ended March 2024, signaling its second consecutive year of profitability and steady traction among retail investors.
Revenues climbed 25% from a year earlier to Rs 1,311 crore, according to a statement released by the company, which is backed by global investors including Tiger Global and other global investment firms.
Upstox user base
CEO and co-founder Ravi Kumar attributed the milestone to sustained product innovation and a broadening of investment options for a user base. Roughly 85% of Upstox’s customers hail from Tier 2 and Tier 3 cities, reflecting the firm’s focus on extending equity trading, mutual funds, and newer offerings—such as insurance distribution and fixed-income products—beyond metropolitan hubs.
In line with that diversification strategy, the company launched new features like real-time analytics for active traders and UpNews, a digital financial news service.
“We are building a profitable, innovation-driven, and customer-first company that sets new benchmarks in security, speed, and simplicity,” Kumar said in a statement. “Our goal is to become India’s most trusted financial partner, making wealth creation seamless for every Indian.”
Competing with giants
Upstox competes with players such as Zerodha, Groww, Angel One, and PhonePe’s Share.Market in a market that has witnessed buoyant retail participation, aided by a multi-year bull run.
Rival Groww saw its revenue jump to Rs 3,145 crore but incurred a net loss owing to a one-time tax expense, while Zerodha bolstered its position with Rs 8,370 crore in revenue and more than Rs 5,000 crore in profit. Angel One reported Rs 4,280 crore in revenue during the same period.