Broking platform Upstox said that its revenue zoomed 25% to INR 1,311 Cr in the financial year 2023-24 (FY24) from INR 1,051 Cr in the previous fiscal year.

On the back of the increase in its top line, Upstox said in a statement that its “net profit” surged 8X year-on-year (YoY) to INR 190 Cr. However, the number excluded ESOP costs.

With this, the fintech unicorn claimed to have reported a second consecutive year of profitability. Upstox claims to have 1.7 Cr users on its platform, with about 85% of its customers coming from Tier II, III cities.

Notably in FY23, and posted a consolidated profit of more than INR 25 Cr.

“We are building a profitable, innovation-driven, and customer-first company that sets new benchmarks in security, speed, and simplicity. Our goal is to become India’s most trusted financial partner, making wealth creation seamless for every Indian.” said Ravi Kumar, CEO and cofounder of Upstox.

(The story will be updated soon.)

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