Upstox reports 8x jump in net profits in FY24

03 Feb 2025, 10:58 AM

Upstox's revenue from operation grew to Rs 1311 crore in FY24, compared to Rs 1050 crore in FY23.

Team Head&Tale

Stock broking platform Upstox's revenue from operation grew to Rs 1311 crore in FY24, compared to Rs 1050 crore in FY23.

The company's profit jumped eight fold to Rs 190 crore in FY24, Upstox stated in a release. 

“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,” Ravi Kumar, CEO and co-founder, Upstox said.

"Roughly 85% of Upstox’s customers hail from Tier 2 and Tier 3 cities, reflecting the firm’s focus on extending equity trading, mutual funds, and newer offerings—such as insurance distribution and fixed-income products—beyond metropolitan hubs."

In May 2024, the firm also entered the insurance distribution business. The Tiger Global-backed fintech claims to have a user base of 1.7 crore.

Upstox competes with likes of Zerodha, Groww, Paytm Money and more. According to the National Stock Exchange, Upstox ranks fourth in active users, with 2.89 million. Groww holds the top position, followed by Zerodha and Angel One.

In FY24, Groww's revenue jumped to Rs 3,145 crore, while Zerodha reported Rs 8,370 crore in revenue and Rs 5,496 crore in profits. 

In October 2024, the company delivered a 10X return to Ratan Tata in the partial buyback.

Upstox has raised over $200 million to date and was valued at $3.5 billion in its last fundraise.