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Upstox profit jumps 8X to Rs 190 Cr in FY24
Entrackr ยท 5m ago
Medial
Upstox profit jumps 8X to Rs 190 Cr in FY24 Following Rs 1,050 crore of revenue with profitability in FY23, Upstox delivered another notable year with 25% year-on-year growth during the fiscal year ended March 2024. Moreover, the profits jumped 8X to Rs 190 crore in the same period. Upstoxโs revenue from operations grew to Rs 1,311 crore in FY24 from Rs 1,050 crore in FY23, according to the companyโs press release. Upstox provides retail investors with investment options, including stocks, IPOs, futures & options (F&O), commodities, currencies, fixed deposits, peer-to-peer lending, government bonds, non-convertible debentures (NCDs), gold, and insurance. According to the company, it has a user base of 1.7 crore, with a significant 85% of its customers coming from tier II and III cities. โIn 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 simplicityโ Ravi Kumar, CEO and Co-founder, Upstox said in the press release. In May 2024, the firm also entered the insurance distribution business. Upstox has raised over $200 million to date and was valued at $3.5 billion in its last fundraise. According to the startup data intelligence platform TheKredible, Tiger Global is the largest external stakeholder, holding 38.54%. The founding team including Ravi Kumar, Shrinivas Vishwanath, and Kavitha Subramanian own 36.12% of the company. Raghu Nathan Kumar, the companyโs director, has 15% stake. In October 2024, the company delivered a 10X return to Ratan Tata in the partial buyback. Upstox's major competitors include Zerodha, Groww, Angel One, and PhonePeโs Share.Market. In FY24, Groww's revenue surged to Rs 3,145 crore, Zerodha reported Rs 8,370 crore in revenue and Rs 4,700 crore in profits. Angel One recorded Rs 4,280 crore in revenue in the previous fiscal year. According to the National Stock Exchange, Upstox ranks fifth in active users, with 2.89 million. Groww holds the top position, followed by Zerodha and Angel One.
Upstox Claims Profitability In FY23, Broking Revenue Crosses INR 1,000 Cr Mark
Inc42 ยท 1y ago
Medial
Upstox, an online discount broking platform, has claimed profitability in the financial year 2022-23, with a consolidated profit of over INR 25 crore. The company also reported a 44% increase in broking revenue, crossing the INR 1,000 crore mark. Upstox, backed by investors like Ratan Tata and Tiger Global, has positioned itself as a trusted finance app by launching several new features and tools. Its rivals, Zerodha and Groww, also posted impressive profits and revenues during the same period.
Chairing Tata: How RNT set the leadership benchmark for his successors
Livemint ยท 8m ago
Medial
- The Tata group has been a cornerstone of Indian industry for over a century, with leaders such as J.R.D. Tata, Ratan Tata, and N. Chandrasekaran leaving a lasting impact on its trajectory. - J.R.D. Tata's 53-year tenure as chairman shaped the foundation and culture of the Tata group, while Ratan Tata and N. Chandrasekaran adapted to the challenges of their time. - Ratan Tata played a significant role in consolidating and strengthening the business empire, asserting authority over powerful leaders within the group. - Under Ratan Tata's leadership, the Tata group expanded its market reach globally through strategic acquisitions, including Tetley, Corus, and Jaguar Land Rover. - Cyrus Mistry, as Ratan Tata's successor, aimed to fix perceived flaws within the group, but his tenure was cut short due to conflicts and disagreements with Ratan Tata. - N. Chandrasekaran, known for his role in the success of Tata Consultancy Services, took on the challenge of continuing the group's progress while embracing technological advancements and addressing legacy concerns.
Tata Trusts meeting today: Decision about successor on agenda, Noel Tata most likely heir to Ratan Tata, say reports | Mint
Livemint ยท 8m ago
Medial
- Noel Tata is emerging as the front-runner to be the successor of Ratan Tata in the Tata Group. - The Tata Trusts meeting will discuss the succession plans of the $165 billion empire. - Ratan Tata's half-brother Noel Tata is the likely choice for the successor position, according to sources. - Mehli Mistry may be appointed as a Permanent Trustee on the Tata board. - Noel Tata is the chairman of Trent, the group's apparel retailer, and has been successful in expanding the company's store count and workforce. - Noel Tata has held executive positions in several Tata companies, including Titan Company and Tata Steel, and is a trustee on the Sir Dorabjee and Sir Ratan Tata Trusts.
Who is Noel Tata? Meet Ratan Tataโs half-brotherโthe dominant frontrunner to helm Tata Trusts | Mint
Livemint ยท 8m ago
Medial
- Ratan Tata, patriarch of the Tata Group, passed away, leaving the conglomerate with the task of selecting his successor. - Tata Trusts, which owns a majority stake in Tata Sons, the holding company of the Tata Group, controls the conglomerate. - The final rites of Ratan Tata were conducted with full state honors, with the presence of family members and top Tata Group executives. - Noel Tata, Ratan Tata's half-brother, is the frontrunner to succeed him and has been a key figure in the governance of the trusts. - Noel Tata has been chairman of Trent Ltd, a successful apparel retailer under the Tata Group, and has held various positions within the group. - Noel Tata's children are also trustees of some family-linked charities associated with Tata Trusts.
How Ratan Tata transformed Tata Group โ a timeline | Mint
Livemint ยท 8m ago
Medial
- Ratan Tata, former chairman of Tata Sons, has been instrumental in establishing Tata as one of India's most recognizable brands. - Ratan Tata passed away at the age of 86 after being in critical condition at a Mumbai hospital. - He joined the Tata Group in 1962 and became the Chairman of Tata Industries in 1981, where he played a key role in promoting new ventures in high-tech businesses. - Ratan Tata introduced Tata Salt as India's first national branded salt in 1983, revolutionizing the market. - He became the Chairman of Tata Sons and Tata Trusts in 1991, succeeding Jehangir Ratanji Dadabhoy (JRD) Tata. - Under his leadership, Tata Motors acquired Jaguar-Land Rover from Ford Motors in 2008, making a successful foray into the luxury car segment.
Noel Tata named new Tata Trusts chairman - Here are 5 lesser-known facts about him | Mint
Livemint ยท 8m ago
Medial
- Noel Tata has been appointed as the chairman of Tata Trusts, the charitable division of Tata Group. - He is the son of Naval H. Tata and Simone N. Tata. - Noel Tata is currently a trustee of the Sir Dorabji Tata Trust and the Sir Ratan Tata Trust. - Ratan Tata, Noel Tata's half-brother, passed away recently, leading to the appointment of Noel Tata as the chair of Tata Sons. - Noel Tata has been associated with the Tata Group for over four decades and holds various board positions within the group. - He possesses Irish citizenship and has strong roots in India.
FirstCry IPO: M&M, SoftBank, TPG Growth Set To Make Big Gains
Inc42 ยท 10m ago
Medial
Indian automotive company Mahindra & Mahindra is expected to make a 6X return by selling more than 28 lakh shares of FirstCry, while SoftBank is also anticipating a 3X gain from the startup's upcoming public listing. SoftBank is also set to profit from its investment in Ola Electric, with a 1.5X return, as well as potential gains from Unicommerce's IPO. Key stakeholders, such as Ratan Tata and FirstCry founders Supam Maheshwari and Amitava Saha, will also be selling shares in the public offering, which was oversubscribed 12.22 times.
Noel Tata to succeed Ratan Tata, unanimously appointed Chairman of Tata Trusts
Medial
- Noel Tata has been unanimously appointed as the Chairman of Tata Trusts, succeeding his half-brother Ratan Tata, who passed away on October 9, 2024. The decision was made during a board meeting in Mumbai. - Tata Trusts holds a controlling 66% stake in Tata Sons, making its leadership crucial for the governance of the Tata Group. The board's decision aligns with Ratan Tata's philosophy of ensuring continuity in leadership. - With over 40 years in the Tata Group, Noel Tata has served in various capacities, including Managing Director of Trent, where he significantly expanded the company's retail presence. - Unlike Ratan Tata's public-facing approach, Noel is known for his calm, understated leadership, focusing on steady business growth and long-term vision. - Noel Tata graduated from Sussex University and completed the International Executive Programme at INSEAD. His extensive experience and strong family ties to the Tata Group position him well for his new role.
How Tata turned TaMo into a global auto powerhouse
Livemint ยท 8m ago
Medial
- Ratan Tata transformed Tata Motors from a domestic truckmaker into a global automotive powerhouse. - He spearheaded the creation of the Tata Nano, the worldโs cheapest car, which redefined affordable mobility for the Indian consumer. - Under his leadership, Tata Motors launched the Indica, India's first indigenously developed passenger car, showcasing India's emerging capabilities in car manufacturing. - Despite its commercial failures, the Tata Nano exemplified Tata's visionary approach and his desire to solve real-world problems through innovation. - Ratan Tata's most celebrated move was the acquisition of Jaguar and Land Rover (JLR) from Ford, which turned JLR into a significant contributor to Tata Motors' revenue. - He positioned Tata Motors as a leader in the electric vehicle (EV) revolution, making them a frontrunner in India's green mobility movement.
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