Upstox Reports Rs 1,000 Crore Top Line, Rs 25 Crore Profit In FY23
With this, Upstox has joined fellow venture capital-backed, stock-broking platforms such as Zerodha and Groww in terms of profitability.
Stock-broking platform Upstox said its revenue crossed the Rs 1,000 crore mark in FY23, alongside a Rs 25 crore profit for the fiscal.
"Upstox concluded FY23 with an Ebitda exceeding Rs 200 crore and a profit of over Rs 25 crore at a consolidated level. Furthermore, the company was net cash generative in FY23 and has also generated over Rs 200 crore in operating cash during the last two quarters ending in December 2023," it said in a press release on Wednesday.
"Our journey towards profitability reflects our steadfast commitment to helping India 'Invest Right'," said Ravi Kumar, chief executive officer and co-founder of Upstox.
The company said its brand visibility rose by 95% in 2023 with its sponsorships of the Indian Premier League and ICC World Cup. It also expanded to new asset classes on its app, such as gold bonds, T-bills, state development loans, and government bonds.
With this, Upstox has joined fellow venture capital-backed, stock-broking platforms such as Zerodha and Groww in terms of profitability.
Bootstrapped Zerodha posted a profit of Rs 2,907 crore in FY23, while Groww reported a bottom line of Rs 449 crore.
Founded in 2009, Upstox claims to serve a customer base of over 1.3 crore users, with a significant proportion of millennials and investors from Tier 2 and Tier 3 cities. It is backed by marquee investors such as Ratan Tata and Tiger Global.
