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Upstox delivers 10x return to Ratan Tata following buyback

EntrackrEntrackr · 11m 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.

Groww receives RBI approval to operate as payments aggregator

EntrackrEntrackr · 1y ago
Groww receives RBI approval to operate as payments aggregator
Medial

Fintech unicorn Groww has received approval from the Reserve Bank of India to operate as a payment aggregator. The firm has joined several fintechs which recently received similar in-principle approval from the central bank. RBI has granted the licence to Groww Pay, the UPI payments platform of broking firm Groww. The licence will allow the Tiger Global and Peak XV Partners-backed firm to facilitate e-commerce transactions through its UPI app. Launched in July last year, Groww’s UPI app allows bill payment services such as making loan and credit card repayments, paying electricity and water bills and DTH recharge, among others. In October last year, Groww surpassed its arch rival Zerodha for the first time in terms of active users. Further, Groww ended 2023 with 7.5 million monthly active users whereas Zerodha and AngelOne had 6.7 million and 5.3 million MAUs, respectively. In terms of valuation, Zerodha stood at the top with $3.6 billion followed by Upstox and Groww with $3.4 and $3 billion, respectively. Last week, Groww’s Mutual Fund also received SEBI’s approval to launch the Nifty Non-Cyclical Consumer Index Fund through a new fund offering (NFO). Groww registered more than 260% jump in its operating revenue to Rs 1,277 crore in FY23, according to startup data intelligence platform TheKredible. The company also posted Rs 448.7 crore profit against Rs 239 crore loss in FY22. Like several fintechs, Groww is also planning to move its domicile to India. Entrackr exclusively reported the development in May last year. Other companies on the list include KreditBee, Pine Labs, Groww, Razorpay, Meesho and Zepto. Most recently, PayU received in-principle approval from RBI to operate as a payment aggregator. Besides PayU and Groww, fintech firms Razorpay, Cashfree, Open, EnKash, Juspay, and Infibeam also received PA licence from the apex banking body.

Groww expands lead over Zerodha with 12.59 Mn active users in October

EntrackrEntrackr · 10m ago
Groww expands lead over Zerodha with 12.59 Mn active users in October
Medial

Bengaluru-based stock broker Groww has surpassed the 1.25 crore (12.59 million) mark in active traders in October, driven by the addition of around 3.5 lakh users in a single month, according to data from the National Stock Exchange (NSE). Zerodha, Groww’s closest competitor, had approximately 80.6 lakh (8.06 million) active investors as of last month. Groww overtook Zerodha in October last year and has held the top position ever since. As per the NSE’s data, Groww has nearly doubled its user base over the past year, whereas Zerodha added just 15 lakh new users. Angel One, the third-largest stockbroker, has 75 lakh (7.53 million) active users and may surpass Zerodha in the coming months. Upstox ranked fourth, had 28.52 lakh (2.85 million) users as of last month. ICICI Direct is the fifth largest player in this space with 19.3 lakh active users (1.93 million). Dhan, launched by former Paytm Money executive Pravin Jadhav, had 8.49 lakh (0.84 million) users as of October. Dhan entered the top 10 list of stockbroking apps in India in August this year, replacing Paytm Money. INDmoney and PhonePe's Share.Market are the new entrants in the top 20 list with 6.7 lakh (0.67 million) and 2.69 lakh (0.26 million) respectively. In terms of scale, Zerodha had the highest revenue in FY24 at Rs 8,370 crore, followed by Angel One, which reported Rs 4,272 crore in revenue for the last fiscal year. Nithin Kamath’s Zerodha reported a profit of Rs 2,907 crore, while Angel One’s profits exceeded Rs 1,125 crore in FY24. Groww’s revenue from operations surged to Rs 3,145 crore in FY24. The Lalit Keshre-led company recorded a net loss of Rs 805 crore in FY24, primarily due to a one-time tax payment of Rs 1,340 crore for relocating its domicile to India. Despite this, the firm remained operationally profitable. Upstox, which posted over Rs 1,000 crore in revenue in FY23, has yet to file its annual report for FY24.

Fintech unicorn Groww eyes $6-8 Bn IPO: Report

EntrackrEntrackr · 8m ago
Fintech unicorn Groww eyes $6-8 Bn IPO: Report
Medial

News All Stories Fintech unicorn Groww eyes $6-8 Bn IPO: Report Groww is the leading stockbroking company in India, with more than 13 million monthly active users, according to the latest data from the National Stock Exchange (NSE). Harsh Upadhyay 13 Jan 2025 13:26 IST Follow Us Stockbroking company Groww is gearing up for its initial public offering (IPO), according to a media report. While a few fintech startups have already gone public, the Lalit Keshre-led company will be the first contemporary startup from the stockbroking industry to take this step. TechCrunch, which first reported the development, added that Groww has begun talks with investment bankers and will soon choose advisers for the IPO. The firm is targeting a listing in 10-12 months, with a valuation goal between $6 billion to $8 billion. Groww has raised nearly $400 million to date from notable investors such as Peak XV, Tiger Global, Ribbit Capital, and YC Continuity, and was valued at around $3 billion following a $251 million Series E round in October 2021. It hasn’t raised a new round since then. It’s worth noting that Groww completed its domicile transition back to India from the US in May last year. Entrackr exclusively reported on Groww’s relocation plan in September 2023. Groww’s revenue from operations surged to Rs 3,145 crore in FY24. The company recorded a net loss of Rs 805 crore in FY24, primarily due to a one-time tax payment of Rs 1,340 crore for relocating its domicile to India. Entrackr has reached out to Groww for comments. Groww is the leading stockbroking company in India, with more than 13 million monthly active users. According to the latest data from the National Stock Exchange (NSE), it holds a 26.59% market share in this space as of December. Its arch-rivals, Zerodha and AngelOne, held market shares of 16.41% and 15.67%, respectively. Paytm was the first fintech from the Indian startup ecosystem to be listed on the stock exchange in 2021, followed by Mobikwik, which debuted on the bourses in December last year.

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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