Stock-broking platform Upstox said its revenue has crossed the Rs 1,000 crore mark in FY23. Besides, it has also made a profit of Rs 25 crore. The EBITA in FY23 has been more than Rs 200 crore.
Additionally, there has been more than Rs 200 crore in operating cash during the last two quarters ending December 2023.
Ravi Kumar, Chief Executive Officer, Upstox, said that our journey towards profit reflects our commitment to help India ‘Invest Right’. The company said that after sponsoring the Indian Premier League (IPL) and the World Cup in 2023, its brand visibility has increased by 95%. It has also expanded into new categories on its app like gold bonds, T-bills, state development loans and government bonds.
In FY23, Zerodha made a profit of Rs 2,907 crore, while Grow made a profit of Rs 449 crore. Upstox, which was started in 2009, claims to serve 1.3 crore customers in Tier 2-Tier 3 cities. Big investors like Ratan Tata and Tiger Global have also invested in the company.