October 28, 2021

Prime Team News

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Ratan Tata-backed Upstox goals to double consumer base with platform revamp

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MUMBAI: In the high-stakes discount stock broking sector, Ratan Tata-backed Upstox is looking to further turn up the heat on sector leader Zerodha by aiming to double its current user base to 10 million by March 2022 with the help of a major platform revamp.

Upstox, like Groww and Zerodha, has benefitted immensely from a glut of first-time retail investors entering India’s equity market since the onset of the COVID-19 pandemic.

Upstox currently has 5 million users a shade below Zerodha’s over 6 million users. The online discount broker has managed to double its users from around 2.5 million in March, reflecting the sheer pace of user acquisition in the market.

That scale of growth has pushed the management to completely revamp its platform, which includes a new logo, a clutch of new features and a new user interface. “We are slowly evolving from being just a stock trading platform to be a more holistic wealth management platform,” Shrini Viswanath, co-founder, Upstox told ETMarkets.com.

“We just thought that we need to rethink our approach to customer, rethink the way customers look at our brand and that’s where this idea was born (to revamp).”

Unlike its legacy peers, Upstox is against the idea of moving into the advisory business as it believes that the incentives are misaligned to the requirements of customers. For Viswanath, the larger opportunity lies in using artificial intelligence and machine learning to discern threats and opportunities to an investors’ portfolio based on past actions.

“Today, we have over 5 million customers with us and that’s a lot of data that you can work with to help investors make better decisions. It’s not just data on the stock market and individual portfolio but it’s also about looking at peers on how they are investing and using that to advise individual investors,” Viswanath said.

Despite the investment on the revamp and an advertisement blitz during the Indian Premier League tournament, Vishwanath said that the company is not in need of new capital. “At the same time, we have got large dreams and so growth capital will be great and if it comes from the right set of investors and at the right valuations then we will gladly consider that,” Viswanath said.

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