Wealth management platform Upstox said Friday its revenue rose almost 25% to Rs 1,311 crore in the financial year ended March 2024 and adjusted net profit increased nearly eight-fold to Rs 190 crore.
The adjusted net profit doesn’t include costs related to employee stock ownership plans (ESOPs).
The company didn’t disclose its net profit or loss after accounting for ESOP costs. For FY23, its consolidated net loss was Rs 19.9 crore but profit after adjusting for ESOP costs was Rs 24.5 crore, according to VCCEdge, the data research platform of VCCircle.
“In FY24, we focused on innovation and high-impact growth, ensuring every investor and trader has the best tools at their fingertips. We are building a profitable, innovation-driven, and customer-first company that sets new benchmarks in security, speed, and simplicity,” said Ravi Kumar, chief executive officer and co-founder of Upstox.
Upstox claims that it has a user base of 1.7 crore people, with 85% of its customers coming from Tier 2 and 3 cities. In FY24, the company expanded its investment suite with new offerings, including insurance, fixed deposits, government securities, and non-convertible debentures. It also upgraded its options trading platform, introduced advanced analytics and launched financial news platform UpNews.
Upstox is backed by venture capital firm Kalaari Capital, New York-based Tiger Global, and IntraEdge. To date, the company has raised over $200 million. It was last valued at $3.5 billion in its last funding round nearly three years ago.
The company was founded by Ravi Kumar, Shrinivas Viswanath, Kavitha Subramanian, and Raghu Kumar in 2009. Its competitors include Zerodha, Groww, Angel One, and PhonePe’s Share.Market as well as legacy platforms such as ICICI Securities, Sharekhan, and Motilal Oswal, among others.