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NEW DELHI: Discount broker Upstox on Wednesday said that its user base crossed one crore customers, the largest among its peers. Upstox had achieved the milestone of 10 lakh customers in June 2020 and has grown 10 times since then.

The company remains the second-biggest broker in the country based on active clients, behind industry leader Zerodha.

“Our mission is to magically simplify investing for every Indian. And with this milestone of 1 crore customers, we are just getting started in our mission,” said Ravi Kumar, Co-Founder & CEO, Upstox.

“People from across the country have appreciated our efforts to increase access to investing and we are grateful for that. We are excited about the path in front of us and the potential to make investing a habit for every Indian.”

The entire broking industry has seen a couple of breakout years during the pandemic as the industry saw a huge influx of new investors. This also led to an unprecedented rally in the market.

Upstox claimed it saw tremendous broad-based growth in the last three years – over 50 per cent of the customers are millennials, nearly 70 per cent are first-time investors, and more than 85 per cent belong to Tier 2 and Tier 3 cities.

Analysts tracking the stockbroking industry have said the growth rate may not be sustainable going ahead as the market is no longer as attractive as it was in the last two years. Nonetheless, in the next 4-5 years, the Upstox team aims to onboard 20-30 crore (200 million to 300 million) new customers.

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