Friday, April 1, 2022

Upstox Aims To Grow Indian Customer Base By 3x During FY23

This season, Upstox, as part of its multi-year partnership with Indian Premier League (IPL), launched a new campaign ‘Own Your Future’. The objective of the campaign is to promote financial inclusion in the country. The campaign aims to encourage young Indians to invest in the equity market, own assets that will grow over time, and control their financial future.

With over 9 million customers, Upstox is getting close to hitting another milestone in the company’s history by crossing 10 million customers. The ever increasing number of customers on the platform testifies that people across the country are actively choosing Upstox as their investment platform.

“Our exponential growth is proof that customers trust us and recognize the value of our cutting-edge technology and our hassle-free investment process. We are growing 3X year-on-year and we are anticipating the same growth of 3X by the end of FY23. We aim to have 200 - 300 million customers onboarded in the next four to five years. Upstox believes that wealth creation should be democratized, welcomed, and adopted by everyone in India and Upstox strives to play a significant role in enabling and empowering Indians in their financial investment journey.” said Kavitha Subramanian, Co-Founder, Upstox.

Upstox's current customer base is over 9 million, with investors from Tier 2 and 3 cities in India representing about 85% of the customer base. Over 80% are millennials. Nearly 70% are first-time investors. The company believes millennials are playing an active role in driving equity market participation in the country and thereby participating in India’s growth story. The millennial mindset is inclined towards experimentation and portfolio diversification and hence the company’s financial literacy efforts will continue  to scale up.

Upstox is set on the path to build a diverse suite of investment products for customers and become a trusted partner for all their investment needs, by catering to the specific needs of different segments. Upstox’s product, content and marketing will all be designed to expand into more regions, languages and use cases.

In order to be the financial platform of choice for Indians, the company will continue to innovate and  invest heavily in the new-age tech stack and features. Recently Upstox has integrated with WhatsApp for IPO application and demat account opening, and launched features such as Good-Till-Triggered (GTT) and instant withdrawal. Upstox is working on building a new version of their application that will transform the way its customers invest and make hassle-free investment decisions with the help of educational content. Upstox is set to build an on-the-go, simple, intuitive, and seamless experience for its users that helps to build their confidence in their investment decisions.

The company has been on an aggressive growth trajectory since the last few years. Partnering with IPL would further enable Upstox to capitalize on cricket craze to further strengthen the brand among younger demographics. The company expects that Tier 2 and 3 towns will lead the increasing equity participation in the country.

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