Upstox crosses 10M customers; ahead of Zerodha's 9M

Online trading platform Upstox said on Wednesday it crossed 10 million customers, doubling from 5 million around six months ago.

With 10 million users, Upstox overtakes Zerodha, which, on its website, said it had around nine million clients.

Upstox said nearly 50 percent of its customers are millennials, and 70 percent were first-time investors. Over the next 4-5 years, the startup hopes to onboard 200 million to 300 million customers on the platform, it said.

Founded in 2009 by Shrini Viswanath, Raghu Kumar, and Ravi Kumar, RKSV Securities-owned firm Upstox has been razor-focussed on strengthening its product offerings and technology stack over the last couple of years.

It has also been pushing into lower-tier cities in India - nearly 85 percent of its users come from tier II and tier III cities, the startup said.

"Our mission is to magically simplify investing for every Indian. And with this milestone of 1 crore customers, we are just getting started in our mission," said Ravi, CEO and Co-founder of Upstox.