The online Upstox has so far raised a total of 4 million dollars in funding that is a discount brokerage company funded by Ratan Tata, GVK Davix, and Kalaari Capital says its powerful technology latest model to provide broker services at the minimum cost has taken the company to profit.
Earlier called RKSV Securities, the company was established as a proprietary trading firm in the year 2008 and entered the retail brokerage area in 2012.
“We clocked more than 200 percent growth in monthly income in the past year; our exchange revenue raised to ₹14,000-18,000 crore/day, up from ₹5,000-6,000 crore/day last year. Our customer base has grown to 80 thousand, up from 25 thousand last year. We are aiming a 300 percent increment in customer numbers and income with the Upstox coupon code this year,” said Ravi Kumar, Director, and co-founder of Upstox.
The firm, which has raised a total of 4 million dollars in funding to date, change into the first in the group to launch commission-free online trading, ensuring clarity in pricing by providing zero brokerage on equity trades and the rate of 20 rupees per day instruct for all segments including futures, options, and commodities, etc.
“India’s brokerage industry is headed the global way where discount brokerages have overtaken the traditional, big-ticket broking firms and banks. Discount broking by Upstox coupon code is the future and the way forward for India as we witness more and more retail participation,” he said.
“We follow a cross model, which assists in every step of trading, right from new account opening, client on-boarding to order implementation online, which is done by a strong offline division system as well,” said Shrinivas, CTO, and co-founder, Upstox. “Our online platform not only gives choices to traders on different modes of trading but also provides Upstox coupon code and an open platform to third-party developers to develop their apps.”
The stock brokerage model is going through a change, thanks to the new-age advanced technology that enables brokers to work without opening physical branches. Upstox, which is backed by Ratan Tata, belongs to a generation of stockbrokers who are known as “discount broking firms.”
The company places AI technology solutions in regions where it feels add up to its operative costs and time. Thus, ensuring the finest user experience at a cheap price. The firm has also been able to minimize costs by using Upstox Coupon Code, cutting out all paperwork, and not opening new branches with large fixed amount overheads.