Sharekhan hopes to double customer base in next five years

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Changes 17-year-old logo following acquisition by BNP Paribas

Mumbai, Jan 5

The third largest retail broking firm, Sharekhan, today announced a slew of measures and aggressive growth strategies to become number two in the online broking space over the next five years. It has also launched a new logo as a result of the Vision 2020 and following the acquisition by BNP Paribas in November 2016.

Sharekhan, the largest standalone broking firm, plans to double its current 1.4 million customer base in the next five years (a part of Vision 2020). The company has a 6 per cent market share of the total of 25 million online customers.

Sharekhan, incorporated in 2000, pioneered the online retail broking industry and leveraged the first wave of digitisation when dematerialisation of shares happened in 2002. It currently has a market share of 4.2 per cent in terms of cash market volumes.

In the second wave of digitisation, the majority of Sharekhan’s business and growth will come from mobile. Currently, mobile-based transactions form 12 per cent of its business. “We believe in mobile commerce. Our goal is to become the most preferred platform for digital savers and investors,” said Jaydeep Arora, Chief Executive Officer, Sharekhan.

The company plans to invest around 70 million euros, of which the major focus will be on technology, especially digital, with investments worth 15-20 mln euros. Besides, expanding the customer base and investing heavily in technology, Sharekhan also aims to launch a new website, mobile apps, hire more people and upgrade its trading platform, among others.

Sharekhan also plans to be among the top 15 mutual fund distributors by 2020.

Published on January 05, 2017

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