Upstox, the Ratan Tata-backed discount broking firm informed on Sunday that it has achieved the break-even state during the fiscal year 2022-23. The top officials of the company said that their revenue jumped to ₹1,000 crore during the fiscal year. Upstox has generated a positive net cash flow of approximately ₹130 crore during 2022-23.
Upstox, the Ratan Tata-backed discount broking firm informed on Sunday that it has achieved the break-even state during the fiscal year 2022-23. The top officials of the company said that their revenue jumped to ₹1,000 crore during the fiscal year. Upstox has generated a positive net cash flow of approximately ₹130 crore during 2022-23.
Ravi Kumar, the co-founder and chief executive of the Upstox told news agency PTI, that the company is aiming for a 10-times jump in its customer base to 10 crores in the next 5 to 6 years. The operational revenue of Upstox jumped by 40% to 1,000 crores, the top officer of the company added.
Ravi Kumar, the co-founder and chief executive of the Upstox told news agency PTI, that the company is aiming for a 10-times jump in its customer base to 10 crores in the next 5 to 6 years. The operational revenue of Upstox jumped by 40% to 1,000 crores, the top officer of the company added.
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“We remain committed to driving growth sustainably and profitably,” Ravi Kumar stressed.
With a cash flow of above ₹1,000 crore, Upstox is looking for both organic and inorganic growth opportunities.
Established in 2009, Upstox has a customer base of 11 million people nationwide. More than 85% of these customers are located in tier-II and tier-III cities, and 70% of them are investing for the first time. According to Ravi Kumar, the highest number of customers comes from cities like Mumbai, Delhi, Pune, Thane, Bangalore, Jaipur, Hyderabad, Aurangabad, Nashik, and Nagpur.
Although the corporation secured USD 100 million through Series C funding in January 2022, they do not have any immediate plans to raise additional funds.
The co-founder mentioned that the company’s “financial stability” will aid in strengthening its position in the market through both organic and inorganic methods, and enable it to reach its goal of acquiring 100 million customers in the next 5-6 years. The company highlighted that only a small percentage (less than 5%) of the Indian population invests in stocks, indicating that there is significant untapped potential in the Indian market.
Over the past 18 months, the company has directed its focus on the Indian market and has halted its expansion plans in the US, in order to prioritize the growth of its business within India.
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