Upstox launches WhatsApp-based IPO application and demat account opening features

Our Bureau | | Updated on: Dec 01, 2021
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The company aims to reach a customer base of 10 million by the end of FY2022

Discount broking and investment platform Upstox on Wednesday announced that it will allow investors to invest in initial public offerings (IPOs) and open demat account through WhatsApp.

Upstox will be supporting end-to-end IPO applications over WhatsApp, also easing the process of account opening for customers. The key highlight of the latest feature is that all investors, whether they are registered with Upstox or not, can now subscribe to any IPO, without moving out of the WhatsApp chat window at any point during the application journey. With this integration, Upstox aims to achieve a five-fold growth in IPO applications.

Tabs such as ‘Upstox Resources’ and ‘Get Support’ provide customers with direct access to FAQs and all the necessary information about Upstox in real time with just a click.

Customer base

Upstox’s customer base has grown by 1 million in October 2021 alone, taking the total customer base to over 7 million. The company aims to reach a customer base of 10 million by the end of FY2022.

Shrini Viswanath, Co-Founder, Upstox, said, “Today consumers want on-the-go access to investments and we at Upstox strive to offer superior technology-enabled investment solutions to customers. With an aim to further strengthen our customer base in deep India and encourage more millennials to invest, we have integrated with WhatsApp, which is being widely used by users across the country.”

He added, “This integration would serve as an enabler for novice investors and make investing an easy, accessible and effortless experience. With a huge uptick in IPOs and investors rushing to invest in IPOs, we see this as an opportunity to encourage more investors to open an account and invest through Upstox. We are optimistic that we will close FY2022 with 10 million customers, from the current customer base of over 7 million.”

The user just needs to connect with Upstox’s verified WhatsApp profile number, 9321261098, and send <hi> to this number from their mobile number.

Published on December 01, 2021

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