Upstox profit jumps 8X as revenue tops Rs 1,300 Cr in FY24
Backed by investors including Tiger Global and Ratan Tata, Upstox expanded its user base to 17 million, with 85% of customers hailing from smaller Indian cities.
Online brokerage platform Upstox reported an eightfold surge in net profit to Rs 190 crore for the fiscal year ended March 2024, marking its second straight year of profitability
Driven by increased retail investor activity and product diversification, revenue climbed 25% year-over-year to Rs 1,311 crore, according to a company statement.
The Mumbai-based firm, backed by investors including Tiger Global and Ratan Tata, has expanded its user base to 17 million, with 85% of customers hailing from smaller Indian cities.
Over the past year, Upstox broadened its offerings to include insurance products, fixed deposits, government securities, and corporate bonds, alongside upgrades to its stock and mutual fund platforms. For active traders, the company introduced tools such as real-time analytics, an enhanced options trading interface, and educational resources aimed at improving financial literacy.
It also launched UpNews, a digital financial news service, to provide market updates and analysis—a move that aligns with broader industry trends of integrating news with trading platforms.
"Our journey is guided by a simple mission—helping Indians ‘Invest Right.’ 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. Our goal is to become India’s most trusted financial partner, making wealth creation seamless for every Indian," said Ravi Kumar, CEO and Co-founder, Upstox.
Its competitors Groww and Zerodha reported divergent financial trajectories in FY24.
Groww’s consolidated revenue surged 119% year-on-year to Rs 3,145 crore, with its brokerage arm GIT doubling net operating income to Rs 2,900 crore and achieving Rs 297.8 crore in profit. However, a one-time Rs 1,340 crore tax expense led to a net loss of Rs 805 crore. The Bengaluru-based firm claimed 1.2 crore active stock investors and a 25% NSE market share.
Zerodha, meanwhile, solidified its dominance with revenue of Rs 8,320 crore and Rs 4,700 crore profit (excluding Rs 1,000 crore unrealised gains), boasting a 56% margin.
Edited by Kanishk Singh