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In the years after the Corona epidemic, the trend of people towards the stock market has increased. This has not only increased the share of domestic investors in the stock market, but has also given rise to many startups. Some of them have become unicorns. For example, you can see Zerodha. Upstox is another discount broking company in the same segment, which is consistently performing well.
Company reached this threshold
Veteran industrialist Ratan Tata has also shown confidence in the work of this company. He has invested in Upstox. Now the company has achieved another important milestone. The company achieved the target of earning a revenue of Rs 1000 crore during the last financial year. Now the company is ready to make profits as soon as possible.
break-even achieved
According to a Mint news, Ratan Tata-invested company Upstox earned a total revenue of Rs 1,000 crore in the last financial year 2022-23. Now the company is ready to recover from losses and turn profitable. Company’s co-founder and CEO Ravi Kumar says that during this period his company generated positive cash flow of about Rs 130 crore and with this it achieved break-even. Achieving break-even by a company means that it is on the threshold of getting out of losses.
increase in revenue
Let us tell you that apart from Ratan Tata, the investors of Upstox also include global investment firm Tiger Global. The CEO of Upstox says that the company aims to increase its customer base 10 times to 100 million in the next five-six years. He said that in the financial year 2022-23, a 40 per cent increase in the company’s revenue was recorded and it crossed Rs 1,000 crore. The CEO said that the company now has cash of around Rs 1,000 crore.
Customers found in these cities
Upstox was established in the year 2009. The company currently has 1.1 crore customers across the country. 85 percent of these customers are from Tier-2 and 3 cities. This means that Upstox has a good hold in small and medium cities of the country. 70 percent of the company’s customers are those who have invested money in the market for the first time. CEO Kumar said that the maximum number of customers are in Mumbai, Delhi, Pune, Thane, Bengaluru, Jaipur, Hyderabad, Aurangabad, Nashik and Nagpur.
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