Upstox eyes 3-4 times growth in its customer base this year to 6-8 mn

 Tiger Global-backed online brokerage Upstox on Wednesday said it is aiming at a customer base of 6-8 million at the end of 2021

Tiger Global-backed online brokerage Upstox on Wednesday said it is aiming at a customer base of 6-8 million at the end of 2021.

This will be almost a 3-4 fold increase from the customer base of over 2 million at the end of December 2020, Upstox said in a statement.

Upstox, which was set up in 2009 by Ravi Kumar, Kavitha Subramanian, and Shrini Viswanath, said it registered robust growth in terms of a number of clients in the last two three years mainly due to the migration of millennials to digital-native trading platforms.

The increase in the number of active traders is largely fuelled by Tier-II and Tier-III towns with a vast majority being first-time investors.

According to Upstox's co-founder Ravi Kumar, the trend has only accelerated in the post-pandemic period, as more individuals and households have been looking for additional sources of income beyond the traditional instruments.

"The stay-at-home economy is a new experience for all demographics. It has served as a wake-up call for many millennials to think about investing in the stock market... millennials realized that getting started in the stock market is not that difficult in this digital era," he said.

Kumar, further, said 85 percent of Upstox customers carry out daily trades through their mobile devices.