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Upstox forays into insurance distribution

EntrackrEntrackr · 1y ago
Upstox forays into insurance distribution
Medial

Wealth management platform Upstox has announced its entry into the insurance distribution business. The company aims to revolutionise the insurance landscape by offering its users a customised experience of purchasing insurance in line with their needs, Upstox said in a press release. Currently, Upstox is offering term life insurance on its platform and is planning to roll out health, motor and travel insurance soon. HDFC Life is among the first insurers to partner with Upstox and feature its term Insurance plans on the platform. Upstox offers a wide range of financial instruments including stocks, IPOs, F&O, commodities, currencies, fixed deposits, P2P lending, government bonds, NCDs, Gold, and insurance, among others. The Mumbai-based firm registered a 44% year-on-year growth in its broking revenue and crossed a Rs 1,000 crore threshold during FY23. The Tiger Global-backed firm also claimed that it turned profitable in FY23. Upstox competes with the likes of Zerodha, Groww, and PhonePe’s Share.Market. It’s worth highlighting that PhonePe also offers insurance products on its platform.

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Upstox delivers 10x return to Ratan Tata following buyback

EntrackrEntrackr · 9m ago
Upstox delivers 10x return to Ratan Tata following buyback
Medial

Wealth management platform Upstox has completed a buyback of 5% of Ratan Tata’s holdings, reflecting a 10X return on Tata’s original investment, while he retains 95% of his stake in the company. Ratan Tata’s 2016 investment in Upstox has delivered a 23,000% return in total, based on the company’s $3.5 billion valuation, as per the firm’s press release. Tata had bought around 1.33% stake in the company in 2016. According to TheKredible, Tiger Global holds 38% of Upstox, followed by the company’s founders, Ravi Kumar and Kavitha Subramanian. Upstox offers a range of financial instruments, including stocks, IPOs, futures and options (F&O), commodities, currencies, fixed deposits, peer-to-peer lending, government bonds, non-convertible debentures (NCDs), gold, and insurance. In May, the company entered the insurance distribution business. While Upstox has yet to file its FY24 annual report, the Mumbai-based company reported a 44% increase in operating revenue, surpassing Rs 1,000 crore in FY23, and announced achieving profitability. Upstox competes with major players like Zerodha, Groww, AngelOne, and PhonePe’s Share.Market. As of August, Groww leads the market, followed by Zerodha, AngelOne, Upstox, and ICICI Direct. Zerodha, Groww’s stockbroking unit and AngelOne reported Rs 8,370 crore and Rs 2,900 crore and Rs 4272 crore revenue in FY24 respectively. In Q1 FY25, Mumbai-based AngelOne reported Rs 1,405 crore in revenue and Rs 293 crore in profits. As of August, Groww was the market leader followed by Zerodha and AngelOne. Upstox and ICICI Direct are number 4th and 5th player, respectively.

Upstox profit jumps 8X to Rs 190 Cr in FY24

EntrackrEntrackr · 5m ago
Upstox profit jumps 8X to Rs 190 Cr in FY24
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. Upstox’s revenue from operations grew to Rs 1,311 crore in FY24 from Rs 1,050 crore in FY23, according to the company’s 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. “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 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 company’s 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 PhonePe’s 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.

Spencer’s Retail forays into quick commerce

EntrackrEntrackr · 6m ago
Spencer’s Retail forays into quick commerce
Medial

Spencer’s Retail forays into quick commerce Spencer’s Retail, the retail division of the RP Sanjiv Goenka group, has entered the quick commerce market with its new venture, Jiffy. The service will initially launch in Kolkata, followed by an expansion to other regions of West Bengal and then to Uttar Pradesh (UP). The retailer currently operates 89 stores across West Bengal and UP. The RPSG Group is reintroducing the Spencer’s app under the brand name ‘Jiffy’, offering merchandise delivery within 30 minutes. Shashwat Goenka, Chairman of Spencer’s Retail, stated that the company aims to fulfill orders within 20-30 minutes by utilizing its existing stores. The company also mentioned that it will not invest in a separate dark store network, instead managing delivery operations through a third-party fleet operator. In Q3 FY25, the company reduced its net loss to Rs 47.34 crore from Rs 51.20 crore. However, revenue fell 21% year-on-year to Rs 516.97 crore due to store closures. Recently, both established and emerging players have ventured into the quick commerce sector. Blinkit, Zepto, and Instamart dominate the market, while newcomers such as Flipkart, BigBasket, and Amazon are expanding their footprint. Most notably, Walmart-backed PhonePe has announced its entry into the quick commerce space with Pincode.

Jupiter Money enters insurance distribution with IRDAI approval

EntrackrEntrackr · 21h ago
Jupiter Money enters insurance distribution with IRDAI approval
Medial

Jupiter Money enters insurance distribution with IRDAI approval Fintech platform Jupiter Money has received a corporate agency licence from the Insurance Regulatory and Development Authority of India (IRDAI). This will enable it to directly distribute both life and general insurance policies via its app. According to the company, it will initially offer curated insurance products such as term life and health insurance through partnerships with leading insurers. It also plans to launch embedded insurance products based on user behaviour, examples include travel insurance linked to card usage, cyber fraud covers, and device protection tied to e-commerce activity. This marks Jupiter’s entry into the insurance space as part of its broader strategy to become a full-stack financial services provider. The firm already holds an NBFC licence in 2023 and a PPI licence in 2024. Jupiter was last valued at around $710 million during a $86 million Series C round in December 2021. It has raised over $160 million to date from QED Investors, Peak XV and Matrix Partners, among others.

Growth, Innovation, And Challenges: A Glimpse Into India’s InsurTech Landscape

Inc42Inc42 · 1y ago
Growth, Innovation, And Challenges: A Glimpse Into India’s InsurTech Landscape
Medial

The insurance industry in India is undergoing transformative changes and is expected to grow significantly in the coming years. Insurance penetration in the country is low, but new avenues for sales are emerging alongside traditional channels. InsurTech, or the use of technology in insurance, is playing a crucial role in this transformation. Innovative distribution channels such as contextual insurance, embedded insurance, and bancassurance are reshaping how insurance reaches consumers. There is also a growing focus on sustainability and ESG aspects in the insurance industry. Overall, the future looks promising for the Indian insurance sector, with increased financial security and economic growth anticipated.

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