Online brokerage firm Upstox on December 1 announced it will now allow investors to invest in initial public offerings (IPOs) and open demat accounts through WhatsApp.
Upstox said its platform will provide an end-to-end IPO application support for users and non-users through WhatsApp. Customers can also open an account with Upstox through WhatsApp instantly, "24X7", the startup noted.
"It takes just a few minutes now to open an account with Upstox via WhatsApp. Tabs such as ‘Upstox Resources’ and ‘Get Support’ provide customers with direct access to FAQs and all the necessary information about Upstox in real time with just a click," it said in a press release.
How to start transacting on Upstox via WhatsApp
The customer needs to connect with Upstox’s verified WhatsApp profile number, 9321261098, to his/her ‘contacts’ on the mobile phone and send <hi> to this number from his/her mobile number.
Steps for investing in an IPO with Upstox through WhatsApp
- Say ‘Hi’ to WhatsApp Chat BOT ‘Uva’ on the official Upstox Whatsapp number - 9321261098
- Using WhatsApp Chat BOT ‘Uva’, click on ‘IPO Application’
- Enter the registered mobile number and OTP (One-time password (OTP) generated)
- Click on ‘Apply for IPO’
- Select the IPO which you want to subscribe
Steps for account opening with Upstox through WhatsApp
- Using WhatsApp click on ‘Open an Account’
- Enter mobile number (OTP generated)
- Enter email address (OTP generated)
- Enter date of birth
- Enter your PAN details and the bot will direct you to the Upstox page for basic formalities, and the process would be subsequently completed.
The key highlight of the latest feature is that all investors, whether they are registered with Upstox or not, can now subscribe to any IPO without moving out of the WhatsApp chat window at any point during the application journey, the company said, adding that with this integration, Upstox aims to "achieve a five-fold growth in IPO applications".
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Upstox Co-Founder Shrini Viswanath said the new features will strengthen the company's "customer base in deep India", adding that it will also "encourage more millennials to invest".
This integration with WhatsApp "would serve as an enabler for novice investors and make investing an easy, accessible and effortless experience. With a huge uptick in IPOs and investors rushing to invest in IPOs, we see this as an opportunity to encourage more investors to open an account and invest through Upstox. We are optimistic that we will close FY2022 with 10 million customers, from the current customer base of over 7 million," Viswanath added.
Upstox, in its official release, noted that no documents will be uploaded over WhatsApp and no documents will be sent as an attachment over the chat.
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