How Univest is helping retail traders make smart decisions

Despite record-high Demat account openings and a surge in market participation, with over 10 million Indians entering the derivatives segment between FY23 and FY24, the vast majority are losing money. A SEBI study released in September 2024 shows that 93% of retail traders in F&O ended up losing money, with average losses of Rs 2 lakh each. For many, these losses often worsened by high brokerage fees and taxes.

The problem isn’t access to the markets—it is access to the right guidance. Most retail investors lack structured support in areas like stock selection, risk management, and trade timing. And, in the absence of reliable advice, they turn to business news or social media—often resulting in confusion and poor outcomes.

Gurugram-based Univest is trying to close this gap. Founded in 2022 by seasoned trader Pranit Arora along with Avneet Dhamija, and Vikash Agrawal, Univest blends AI with SEBI-registered human intelligence to deliver personalised, data-backed trading insights.

Arora, a long-time trader, has been vocal about the lack of trustworthy advisory for retail investors. Dhamija, former Head of Monetization at BookMyShow, returned from the US in 2022 and joined Univest after resonating with its mission. They were soon joined by Vikash, a former AI tech lead in London, who was made co-founder for his foundational contributions to the platform’s technology stack. 

Univest’s flagship feature delivers real-time entry and exit signals during market hours—tackling one of the biggest blind spots in retail investing—knowing when to exit.

“From equities to commodities, Univest enables users to build structured investment strategies with simplified tools and affordable access,” Arora tells YourStory.

Univest positions itself as a research-first, full-stack broking platform—in contrast to its competitors like Zerodha, Groww, and Upstox, which primarily focus on execution.

“Platforms like Zerodha, Groww, and others have made stock market access easy—but access alone isn’t enough. The real gap lies in guidance: what to buy, when to sell, and how to manage risk. We offer expert stock and derivative ideas from SEBI-registered analysts, with the ability to act on them instantly — even for complex strategies. Univest isn’t just about faster trades; it’s about smarter ones,” says Arora.

A super app

In 2025, the company launched its own brokerage arm to allow users to open Demat accounts, place trades, and manage their portfolios—all within a single app.

According to the founders, the app is designed to streamline the retail investor experience across three key areas—research, execution, and portfolio tracking.

On the research side, it uses insights from SEBI-registered advisors with algorithm-driven analysis, serving over three lakh subscribers. For execution, users can directly place trades—both stocks and options—based on suggested ideas that come with pre-filled entry, stop-loss, and target levels, aiming to improve accuracy and reduce price slippage. 

In terms of portfolio management, investors can link external Demat accounts to receive ongoing buy, sell, or hold signals, generated through a proprietary risk- and market-sensitive engine. By combining these functions into a single app, Univest offers an alternative to the fragmented experience of using multiple tools for investment decisions.

The startup also offers SEBI-registered research through UniResearch and brokerage services via Univest Broking, with a clear separation between the two to maintain independence and avoid conflicts of interest. 

Business model and early traction

The India Security Brokerage Market was valued at $3.98 billion in 2024 and is expected to reach $6.21 billion by 2030 at a CAGR of 7.76% during the forecast period.

Univest follows a dual-revenue model, and earns from both research subscriptions and brokerage services via its group entities. It offers flexible subscription plans across equity, futures, options, and commodities for 3, 6, 12 months, respectively.

The platform charges Rs 899 per month and Rs 2,399 annually (approximately Rs 7/day) for its equity-only research plan. The Pro Super Plan, which includes equity, futures, and options recommendations, is priced at Rs 6,999 per year, while the Pro Black Plan adds commodity coverage for investors seeking broader exposure. 

For trading, users get their first 15 trades free upon opening a Demat account with Univest, after which a flat fee of Rs 18 is charged per executed order. 

The company started monetising in March 2023 and has over three lakh paid subscribers. 

“When we initially launched Univest, our monthly revenue was around Rs 1 lakh. Within just one year, we scaled to Rs 7 crore in monthly revenue—and, importantly, over 60% of our users are repeat customers who trust us to guide their investing decisions,” the founder adds.

“With daily trading volumes in India reaching $3 Tn to $3.5 Tn—nearly half of which comes from retail traders—Univest expects its brokerage business to outpace its research division in revenue numbers in the next 15-18 months,” says Arora.

“Unlike traditional players that either give research away for free or focus solely on low-cost transactions, Univest strikes a powerful middle ground: delivering high-quality, SEBI-compliant research at ultra-affordable prices (Rs 4–Rs 5/day), making expert insights accessible to millions of everyday investors. This positions us not just as a broker—but as a trusted financial advisory brand for retail India,” he adds.

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Univest bags $10M in Series A funding led by Bertelsmann India Investments

However, the biggest challenge they faced was changing investor mindsets.

“In India, many retail traders still chase the idea that "zero brokerage" equals "better investing," which isn't true. Low cost doesn’t mean high returns—good decisions do. Educating users about the value of expert research and focusing on outcomes over activity is a long game, but it’s the right game to play,” he explains.

Today, the startup has a 200-member team, spanning across research, broking, technology, marketing, and customer experience.

Funding and way ahead

In December 2024, Univest secured $13.3 million in Series A funding, with VC firm Bertelsmann Investments leading the round along with Innoven Capital.

“Univest is bridging the gap in retail investing with its advisory-led, user-friendly platform. We believe Univest will power the next wave of successful Indian investors,” says Pankaj Makkar, Managing Director at Bertelsmann India Investments. 

Looking ahead, the company plans to expand its brokerage operations, targeting a user base of 10 million by 2026 and aiming to scale its annual recurring revenue from Rs 100 crore to Rs 1,000 crore.