Summary: Upstox reported a 25% revenue growth in FY24, reaching ₹1,311 crore, with net profit surging eightfold to ₹190 crore. The company, backed by Tiger Global, now has 2.8 million active traders and 17 million registered users, with 85% from tier-two and tier-three cities.
However, it has lost its second-place ranking in active clients to Angel One and Groww, with Groww leading at 13 million active traders, followed by Zerodha (8 million) and Angel One (7.6 million). In comparison, Zerodha’s FY24 revenue stood at ₹9,372 crore, while Groww reported ₹3,145 crore.
To expand its offerings, Upstox has introduced insurance, fixed deposits, government securities, and NCDs alongside stock trading and mutual funds. Founded in 2009, Upstox has raised $220 million and was valued at $3 billion in 2022. The company continues to focus on innovation, security, and user-friendly financial services to strengthen its market presence.
Mumbai-based stock broking platform Upstox has reported a strong financial performance for the fiscal year 2024, with its revenue rising 25% to ₹1,311 crore. The company’s net profit surged almost eightfold to ₹190 crore, compared to ₹25 crore in the previous year, marking its second consecutive year of profitability.
Competitive Landscape
Backed by global investment firm Tiger Global, Upstox competes with leading stockbroking platforms such as Groww and Zerodha. As of November 2024, Upstox had around 2.8 million active traders, according to data from the National Stock Exchange (NSE). The platform boasts a total user base of approximately 17 million, with 85% of its customers coming from tier-two and tier-three cities.
However, Upstox has recently slipped in the rankings of active clients. While it was the second-largest stock broker in terms of active traders a year ago, competitors such as Angel One and Groww have aggressively expanded their user base. As of November 2024, Groww leads the market with 13 million active traders, followed by Zerodha with 8 million and Angel One with 7.6 million.
Financial Performance in Perspective
While Upstox’s revenue growth has been impressive, it still lags behind some of its competitors in terms of operating revenue. For comparison, Zerodha reported an operating revenue of ₹9,372 crore in FY24, while Groww posted ₹3,145 crore.
Expansion and New Offerings
To attract more investors and traders, Upstox has expanded its product offerings beyond stock trading and mutual fund distribution. The company now provides services such as insurance, fixed deposits, government securities, and non-convertible debentures (NCDs).
“In FY24, we focused on innovation and high-impact growth, ensuring every investor and trader has the best tools at their fingertips. We are building a profitable, innovation-driven, and customer-first company that sets new benchmarks in security, speed, and simplicity,” said Ravi Kumar, CEO of Upstox.
Funding and Valuation
Founded in 2009, Upstox has raised approximately $220 million in equity funding from investors, including Tiger Global and Kalaari Capital, across multiple funding rounds. In 2022, the company achieved a valuation of around $3 billion.
With its continued focus on innovation and expanding financial offerings, Upstox aims to strengthen its position in the competitive stock broking industry while maintaining profitability.
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