Bonjour, new guests from small-town India
Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
Ravi Kumar, Co-Founder and CEO, Upstox - Bijoy Ghosh
Ratan Tata- and Tiger Global-backed digital broker Upstox is eyeing a customer base of 6-8 million by end-2021 as it rides on the trend of record number of first-time retail stock owners opening trading accounts in the country, co-founder and CEO Ravi Kumar has said.
This will be almost a three- to four-fold increase from the customer base of 2.3 million as of end-December 2020. Upstox saw a 4x growth (300 per cent increase) in customer base in 2020 to 2.3 million. Most of the customers are millennials — the average age of more than 75 per cent of the company’s customers is less than 35 years.
The average daily cash turnover on the platform went up by around 2.5x from January to December 2020. The firm witnessed a growth of 5x in account-opening by women in 2020; roughly 61 per cent of these women are first-time customers. More than 30 per cent of Upstox women customers are housewives.
Backed by its mobile-trading platform, Upstox achieved the 1-million customer mark in June 2020 and added the next 1 million in less than five months. Interestingly, over 85 per cent of Upstox customers place their daily trades on their mobilephones.
“We are a digital business. The potential is there to record the same 3-4x growth in customer base in 2021 as we did it in 2020. The growth has been steep for us. As we accelerate scale, we think there is a big opportunity in grabbing a large part of the market. We think equity participation is going to be led by tier II and III towns. We want to be the partner of choice for the upcoming new generation of traders and investors in smaller towns,” Kumar said.
Nearly 80 per cent Upstox’s customers are from tier II and III towns (Nashik, Jaipur, Guntur, Patna, Kannur, Tiruvallur and Nainital, among others).
“We are investing in the next generation of tech stack. This will help us scale up aggressively. On an average, we onboard 2-3 lakh customers every month. We are mostly on cloud already, and scaling up is going to be easy for us.”
For 2021, Kumar said that Upstox will get into content creation, especially education-oriented videos for investors, which he sees as an area of potential. “We want to get into content curation, content discovery and curate experience that is unique to investors using smartphones to trade.”
Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
Citroen’s first vehicle sports a novel design and European interiors. It is also meant to be as comfortable as ...
The pandemic is only the tip of the iceberg that the country’s cash-poor airlines — both regional and national ...
The government is yet to specify the framework of its recently announced old vehicle scrappage policy
Here is a checklist that equips you to discern the market nuances
Sensex, Nifty 50 have witnessed sharp decline
The fund has consistently outperformed S&P BSE 100 TRI over one, three and five years
Returns are superior to immediate annuity plans, but SCSS can secure better rates for new investors sooner if ...
They are the health warriors who battled the Covid-19 pandemic on the ground, and are now the face of the ...
Creator of the world’s biggest art canvas hopes to help children in poorer countries
A book on Badri Narayan is a tribute — albeit a belated one — to an artist who did not enjoy the recognition ...
The country hasn’t had a quiet moment since the military seized power on February 1
Its name is the starting point of a brand’s journey and can make a big difference in the success sweepstakes
Sober spirits are the in thing
A peek into where ad spends went last year and where they are headed tomorrow
Can Swiggy Instamart disrupt the ecommerce groceries space, currently ruled by the Amazons and Big Baskets? ...
Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ...
Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ...
Aequs Aerospace to create space for large-scale manufacture of toys at Koppal
And it has every reason to smile. Covid-19 has triggered a consumer shift towards branded products as ...
Please Email the Editor