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Mirae Asset, the international financial services group, has 1.8 lakh paid users on its online retail stock broking platform, m.Stock, after completing one year of operations.
It has an active client ratio of 71 per cent, with over 8.5 crore trades executed and over 71 lakh app downloads in the last one year. m.Stock has also reported a Margin Trading Facility (eMargin) book size of over ₹180 crore. Launched just nine months back, eMargin offers up to 80 per cent funding at one of the lowest interest rates in the industry, starting at 6.99 per cent per annum.
Of its 1.8 lakh paid users, m.Stock claims that about 50 per cent are millennials and over 80 per cent are from smaller cities with Maharashtra, Uttar Pradesh, West Bengal, Gujarat and Madhya Pradesh being the top markets.
With an intention to build awareness about the benefits of trading without a brokerage fee, the company now plans to onboard 10 lakh users more in its flagship brokerage plan over the next 24 months. It is also on the path of crossing the ₹100-crore topline and is slated to break even in two years.
Arun Chaudhry, Chief Business Officer, Mirae Asset Capital Markets, said the next phase of growth for m.Stock will be led by technological innovation and digital transformation.
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