Stock broker Upstox records Rs 1,000 cr operating revenue in FY2022-23

Investment platform Upstox (RKSV Securities India Pvt Ltd) has recorded Rs 1,000 crore operating revenue during the last financial year, a top official said here on Monday.

The company which has been recording consistent growth over the last three years would also be launching fixed deposits and was also engaging with some banks and financial institutions in this connection, co-founder Shrini Viswanath said.

Upstox's operating revenue (broking revenue) grew 44 per cent in FY2022-23 and breached the Rs 1,000-crore mark, he told reporters.

According to Viswanath, the company achieved break-even for FY23 and generated positive net cash of around Rs 130 crore in the fourth quarter of FY23. "Upstox concluded the fiscal with cash reserves of close to Rs 1,000 crore," he said.

On the outlook for the current financial year, he said during the last three years, the company witnessed its customer base grow to 1.1 crore as of date from 10 lakh in June 2020.

All the efforts are being focussed