Ratan Tata-backed Upstox breaks even in FY23, aims 10x growth in user base

Ratan Tata-backed discount broking company Upstox achieved break-even in FY2022-23 with the overall revenue crossing Rs 1,000 crore, a top official has said.

The company, which also counts Tiger Global among its external investors, is aiming for a 10-times jump in its customer base to 10 crores in the next five-six years, its co-founder and chief executive Ravi Kumar told PTI.

Its operating revenue grew 40 per cent to Rs 1,000 crore, he said, adding that it also generated a positive net cash flow of approximately Rs 130 crore in the last quarter of FY2022-23.

The company's CEO said it has cash reserves of over Rs 1,000 crore now, and is looking for both organic and inorganic growth opportunities.

We remain committed to driving growth sustainably and profitably, he stressed.

At present, the company, founded in 2009, serves 1.1 crore customers across the country, with over 85 per cent of them being in tier-II and tier-III cities and 70 per cent being first-time investors.

Mumbai, D