Tiger Global-backed online brokerage Upstox on Wednesday said it is aiming a customer base of 6-8 million at the end of 2021.
This will be almost a 3-4 fold increase from the customer base of over 2 million at the end of December 2020, Upstox said in a statement.
Upstox, which was set up in 2009 by Ravi Kumar, Kavitha Subramanian and Shrini Viswanath, said it registered robust growth in terms of number of clients in last two-three years mainly due to migration of millennials to digital-native trading platforms. The increase in the number of active traders is largely fuelled from Tier-II and Tier-III towns with a vast majority being first time investors. According to Upstox's co-founder Ravi Kumar, the trend has only accelerated in the post-pandemic period, as more individuals and households have been looking for additional sources of income-beyond the traditional instruments.