The company, which also counts Tiger Global among its external investors, is aiming for a 10-times jump in its customer base to 10 crores in the next five-six years, its co-founder and chief executive Ravi Kumar said.
The startup is looking to launch a PMS license initially for its High Net Worth Individual (HNI) customers, which will be accessible through its Fisdom Private Wealth platform.
However, the growth in its operating revenue was on a smaller base than Zerodha, which has also reported a net profit of close to Rs 2,100 crore for FY22.
Users flocked to social media sharing their inability to trade using Upstox. Clients of the company also complained of losing their money and a loss of opportunity to trade on a day when the market has shown big moves on the downside.
The additional investments follow Upstox’s Series C round of $108 million in November 2021
The company said in a mail that prices will remain unchanged for existing users at zero for stock delivery and Rs 10 per intraday of F&O order executed.
"Cloudflare network is back to normal and all sites are functional now," Zerodha tweeted.
Upstox’s active user base stands at 5 million, while Zerodha’s is at 6.2 million of its total 9 million users
Investors can bid for a minimum lot size of 15 shares and in multiples thereof. A retail investor can apply for up to 14 lots or 210 shares for an amount of Rs 1,99,290 at the upper price band.
The company appointed Sudeep Ralhan as chief human resources officer, Manoj Agarwal as head of compliance and Sriram Krishnan as vice president of information security portfolio, according to a statement.
Alok Pandey has over 16 years of experience in software development and management specifically in the stockbroking and investment industry.
The company has appointed Harish Narayanan as Chief Growth Officer, Jayant Chauhan as Senior Vice President - Finance and Saurabh Agarwal as Vice President - New Initiatives.
The startup also saw a year-on-year rise in expenses of 2.4 times from Rs 517.7 crore in FY20 to Rs 1,260.2 crore in FY21.
Raise will use this investment to grow Dhan’s product, engineering, operations & customer experience teams, besides launching another product.
Users will be able to trade directly through TradingView charts in equity, options and futures for indices, equity, commodity and currency, Dhan has said
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.
Upstox has raised $24.7 million from Tiger Global, as part of a larger funding round, according to regulatory filings. This mark's the company's entry into the unicorn club.
Fear of missing out on listing gains, relatability with new-age internet brands going public and a need to test the waters for better returns is driving the younger cohort to begin their stock market journey through IPOs.
Wealth management platform Fisdom is entering online stockbroking, dominated by the likes of Zerodha, Groww, Upstox and Angel Broking. It hopes to gain a million customers in a year, benefiting from the segment’s rapid growth.
Sponsored by Upstox and Stocktwits, the aim of the competition was to help the youth learn trading in a virtual environment before beginning to invest in the real world.
The outbreak of the pandemic has brought about a significant change in the pecking order in the broking industry
According to the data from the National Securities Depository, and Central Depository Services, a record 14.2 million new demat accounts were opened in FY21, a near three-fold rise from the previous year's 4.9 million.
Despite a stellar performance, ICICI Securities' stock has underperformed in the past one year
This will be almost a 3-4 fold increase from the customer base of over 2 million at the end of December 2020.
Another day, another Indian company gets hacked