Upstox (also known as RKSV Securities India Pvt Ltd), one of India’s largest investment platforms, has emerged as one of the largest in the country at the end of the previous financial year, with a total client base of three million.
With close to 3 million customers, Upstox, set up in 2009 by Ravi Kumar, Kavitha Subramanian and ShriniViswanath has set up a record growth in the last two to three years, driven largely by the migration of millennials to digital-native trading platforms.
The increase in the number of active traders is largely fueled from Tier-II and Tier-III towns with a vast majority being first time investors.
According to Co-founder and CEO Ravi Kumar, the trend has only accelerated in the post-pandemic period, as more individuals and households have been looking for additional sources of income – beyond the traditional instruments.
Kumar says 85% of Upstox customers carry out daily trades through their mobile devices.
The intuitive consumer interface has also helped in bringing housewives among first time investors in the equity markets.