FY24 Revenue for Upstox Increases 25% Year Over Year to INR 1,051 Cr

OVERVIEW According to Upstox, its "net profit" increased 8X year over year to INR 190 Cr. But the figure did not include ESOP expenses. However, its income increased from INR 1,051 Cr in the previous fiscal year to INR 1,311 Cr in the fiscal year 2023–24 (FY24), a 25% increase. According to Upstox, its site has 1.7 Cr users, with over 85% of its clients hailing from Tier II and III cities.Upstox Datalabs_in-article-icon, a broking platform, reported that its revenue increased by 25% to INR 1,311 Cr in the fiscal year 2023–24 (FY24) from INR 1,051 Cr in the prior fiscal year. Upstox said in a statement that its "net profit" increased 8X year-on-year (YoY) to INR 190 Cr as a result of the rise in its top line. ESOP expenditures were not included in the figure, though. With this, the fintech startup asserted that it had reported profitability for a second year in a row.

About 85% of Upstox's 1.7 Cr users are from Tier II and III cities, according to the company's statements.Notably, the business generated a profit in FY23, reporting a combined profit of over INR 25 Cr. "We are creating a successful, customer-focused, innovation-driven business that raises the bar for security, speed, and ease of use. Our objective is to establish ourselves as India's most reliable financial partner, facilitating the easy development of wealth for all Indians. stated Upstox cofounder and CEO Ravi Kumar.