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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 · 1y 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.

Navi forays into motor insurance, set to compete with Acko and Digit

EntrackrEntrackr · 14d ago
Navi forays into motor insurance, set to compete with Acko and Digit
Medial

Navi, a fintech unicorn founded by Flipkart co-founder Sachin Bansal, has launched motor insurance, expanding its insurance portfolio with a fully digital, direct-to-customer offering. Through its general insurance arm, the company will offer car and two-wheeler policies including comprehensive, own-damage, and third-party covers via its app. The platform enables instant policy issuance, digital document storage, and a paperless purchase journey. Navi’s motor insurance follows a zero-commission model and removes intermediaries such as agents and dealers. This approach allows the company to offer transparent pricing and pass on cost efficiencies to customers. The company will also provide add-on covers such as zero depreciation, roadside assistance, and engine protection, along with coverage for electric vehicles. Claims will be handled through an in-house digital claims system. Navi’s entry into motor insurance brings it into direct competition with Acko General Insurance and Go Digit General Insurance, both of which dominate the digital motor insurance space. Acko has grown with a digital-first model and partnerships with platforms and OEMs, while Digit has focused on simplifying products and claims through technology. Navi is expected to compete on pricing, app-based purchase, and faster claims, but will need to catch up on scale and customer trust in motor insurance. Navi’s lending business saw a brief disruption in FY25 after the Reserve Bank of India paused new loan sanctions in October 2024 over compliance issues. The curbs were lifted in December.

Upstox profit jumps 8X to Rs 190 Cr in FY24

EntrackrEntrackr · 1y 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.

Ather Energy ventures into auto insurance distribution

EntrackrEntrackr · 3m ago
Ather Energy ventures into auto insurance distribution
Medial

Ather Energy ventures into auto insurance distribution Electric two-wheeler maker Ather Energy is entering the auto insurance distribution space by incorporating a wholly owned subsidiary that will operate as a corporate agent, according to a recent filing with the National Stock Exchange (NSE). The subsidiary is yet to be incorporated and is awaiting approvals from the Registrar of Companies (RoC) and the Insurance Regulatory and Development Authority of India (IRDAI), the filing said. Ather will initially invest Rs 8 crore in the subsidiary, with additional investments planned as operations scale up. Through this move, Ather aims to streamline its insurance offerings, enhance customer experience, and diversify revenue streams by building a recurring income stream. By bringing insurance distribution in-house, the company plans to work with multiple partners, simplify renewals, introduce EV-specific insurance products, and improve insurance attach rates over time. According to Vahan data, Ather Energy retained its third position in November but saw a 30% month-on-month decline, with registrations falling to 20,018 units from 28,405 in October. The company holds a 17.43% market share. As of 2:10 PM, Ather’s shares were up over 4% and trading at around Rs 689, with a market capitalization of Rs 26,271 crore ($2.9 billion). For the second quarter, the company overtook its rival Ola Electric and posted a revenue of Rs 899 crore in Q2 FY26, increasing from Rs 583 crore in Q2 FY25. The company’s net losses reduced by 20% to Rs 157 crore in Q2 FY26 from Rs 197 crore in Q2 FY25.

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