Discount broker Upstox on January 17 reported a consolidated net profit of Rs 25 crore in FY23 against a loss of Rs 445 crore. Its broking revenue increased 44 percent YoY to over Rs 1,000 crore in FY23 - a first - the company said.
The company added that its EBITDA during the year exceeded Rs 200 crore.
"Our journey towards profitability reflects our steadfast commitment to helping India 'Invest Right’,” said Ravi Kumar, CEO, and Co-founder of Upstox. "Guided by this principle, our mission is to evolve into a thriving and profitable enterprise that sets industry benchmarks in safety, user-friendliness, stability, speed, and security."
The year 2023 also marked its third consecutive year as an official sponsor of the Indian Premier League (IPL) in addition to the ICC World Cup. These partnerships, and resulting activations, significantly helped boost the brand's visibility by an impressive 95 percent, the company said.
In the ongoing FY24, Upstox said it generated over Rs 200 crore in operating cash during the last two quarters ending in December 2023.
Upstox serves a customer base of over 1.3 crore Indians, with a significant proportion of millennials and investors from tier 2 and 3 cities. The company is backed by investors like Ratan Tata and Tiger Global.
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