Stocks

Equity broker 5paisa eyes slot among Top 3 in industry league

K.R.Srivats New Delhi | Updated on July 15, 2020 Published on July 15, 2020

Prakarsh Gagdani, CEO, 5Paisa.com, (file photo)

5paisa capital aspires entry into top three rankings of equity broking industry league as it rides on increased retail participation in the Indian capital markets in the last three months, a top official said.

This digital financial services provider has added 1.6 lakh clients in its discount broking business during the April-June 2020 quarter. This is over three fold increase to the about 50,000 clients it added in the first quarter last fiscal, Prakarsh Gagdani, Wholetime director & CEO, 5paisa capital told BusinessLine

5paisa.com is currently seventh in the industry pecking order and has about 7 lakh clients including 5.5 lakh active clients for its equity broking business as of end June this fiscal.

“We are accelerating our acquisition engine. We are at 7 lakh customers. Once we reach 1 million customers, more customers talking about us will have effect. In online there is something called scale effect”, he said.

5paisa will in next one year look to more than double its revenues and client base, he added. It is eyeing client base of 1.5 million by July next year.

“With the pandemic accelerating digital growth, millennials thronging to capital markets, and a buoyant stock market. Iam optimistic that we are entering a new era of investing and incredible growth in coming quarters”, he said. For the first quarter this fiscal, 5paisa capital reported profit of ₹ 2.7 crore, the first ever quarterly profit in 17 quarters since it started commercial operations in March 2016, he said. Total consolidated income for the first quarter stood at ₹ 42.4 crore, up 85 per cent year-on-year.

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Published on July 15, 2020
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