Upstox which was initially started in 2009 by the founding members- Ravi Kumar, Kavitha Subramanian and Shrini Viswanath witnessed significant growth in the previous few years. There has been a robust increase in the number of clients in the last two to three years. This increase might be because of the migration of millennials to digital-native trading platforms, Upstox official team estimated. Tiger Global is accepting a 6-8 million of customer base at the end of 2021 and have therefore backed online brokerage Upstox this Wednesday. The founders expect robust growth in terms of clients during these two three years that will help the company to grow a lot in terms of finance and exposure to the competitive world. The migration of millennials to digital-native trading platforms have helped Upstox as a company to stand at a level in the competition with the other competitors, founders added. The number of traders that have increased are mainly from the tier 1 and tier 2 towns. Tier 1 and Tier 2 towns are the developed and underdeveloped regions of the country where people are increasingly shifting towards online platforms for trading. The majority of the traders that joined in these two three year are the fresher traders who have just started their carrier in trading.
Upstox as a trading app is trying to help their fresher traders to learn trading and give them a proper insight of the platform about how it works and what are its pros and cons simultaneously. Ravi Kumar, who is the co-founder of Upstox said that they have accelerated this trend in the post COVID-19 pandemic. The reason behind this might be that majority of the people are looking for a passive income source as the market condition is not stable nowadays. Also, few people are trying to do trading as they have a lot of saving in this pandemic and want to do something better of the savings. Upstox officials believe that the stay home economy is a pretty new experience for all the millennials and this time is a wake-up call for all to think about investing in the stock market. Investing in the stock market have now become a new trend and habit in this growing digital world. Ravi Kumar also added that trading is very much easy in this digital era and almost 85% of the trading in the Upstox done by the customer is through the mobile devices itself. The use of mobile devices for trading on Upstox have also attracted many housewives to started trading as freshers. As compared to 2019, Upstox has logged 5 times growth in account opening by women in 2020. Around 65% of the Upstox customer those are women are first time investors with 30% of them are homemakers. Upstox has 3 million customers, currently and the customer growth has been three to four times as compared to the last three years. Upstox expects to have the same growth rate to continue in 2021.
