The active user base of Upstox is 5 million, while that of Zerodha is 6.2 million of its 9 million users.

Upstox’s user base has surpassed 10 million, more than tripling from 5 million six months ago and surpassing rival Zerodha’s 9 million.

Shrini Vishwanath, co-founder of Upstox, told Moneycontrol on May 4 that half of the numbers—5 million—are active users. Zerodha has around 6.2 million active users. Groww, which began as a mutual fund investing platform before diversifying into stocks, futures, and options, has 20 million members, with the majority of them coming from its mutual fund investment users.

Angel One, formerly Angel Broking, was founded in 1996 and was one of the country’s first retail broking businesses. It now has over 9.21 million customers. Paytm Money has 0.85 million trading accounts and 9 million mutual fund investors enrolled.

According to FY22 statistics, India has 89.7 million active demat accounts.

September 2021 that Upstox aimed to reach 10 million users by the end of fiscal year 2022. Vishwanath predicted that the growth momentum will continue in FY23.

“We have been growing at a rate of almost 3x year-on-year for the past three years. We do expect that to continue,” he said.

“Our larger ambition is to be more than just a broker investor platform. We want to be a strong wealth management platform. We want to be in a position that whether it’s a savings account, credit card, fixed deposit, or a loan, we want them to come to Upstox,” Vishwanath added.

At this rate, Upstox plans to have between 25 and 30 million users by the end of FY23. The business plans to add 200-300 million subscribers over the next four to five years.

The firm aspires to be a wealth management platform and will consider expanding its product offering to allow consumers to handle all of their investments.