Upstox, funded by Ratan Tata and Tiger Global, achieves profitability in FY23 and records $1 billion in sales

Ratan Tata-backed discount broker Upstox achieved breakeven in FY2022-23.

According to Kumar, Upstox’s operating revenue increased by 40% to Rs 1,000 crore.

Upstox was founded in 2009 and currently has 1.1 crore clients nationwide, with 85% of them living in Tier II and III cities

Upstox, which competes with rivals like Zerodha, claimed that less than 5% of Indians invest in stocks and that the market’s overall potential is still largely unrealized.

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