Upstox reports 25% jump in FY24 revenue at Rs 1,311 crore

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Stock broking and wealth management platform Upstox on Friday reported a revenue of Rs 1,311 crore for the financial year ending March 2024 (FY24), up 25% YoY from Rs 1,051 crore in FY23.

It claims to have clocked an adjusted net profit (without ESOP cost) of Rs 190 crore, an 8x growth. This marks the second consecutive year of profitability for the firm, it said.

Upstox, which competes with the likes of Groww and Zerodha, had around 170 million registered users, with 85% coming from tier-two and -three locations.

In terms of active users, it maintained fourth position with 2.89 million active users (as on December 2024) and a 5.83% market share. Groww, Zerodha and Angel One continue to dominate the market share with 13.16 million (26.59% market share), 8.12 million (16.41%) and 7.75 million (15.67%) users, according to the data from the National Stock Exchange (NSE).

Meanwhile, Zerodha reported an operating revenue of Rs 9,372 crore while Groww clocked Rs 3,145 crore in FY24.

“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 & Co-founder, Upstox.

Upstox provides retail investors with investment options, including stocks, IPOs, futures & options (F&O), commodities, currencies, fixed deposits, peer-to-peer lending, government bonds, non-convertible debentures (NCDs), gold, and insurance.