Upstox Achieves Remarkable Milestones in FY23, Claiming Profitability and Crossing INR 1,000 Cr in Broking Revenue.



The Indian online discount broking business experienced substantial growth in the fiscal year 2022-23 (FY23), as Upstox, a major player in the market, declared notable achievements. Upstox proudly announced that it has not only reached profitability, but also enjoyed significant growth in broking income, surpassing the astounding INR 1,000 crore mark.

Profitability Milestone Upstox’s :

One of Upstox’s significant successes in FY23 was its smooth transition to profitability. The platform reported a consolidated profit of more than INR 25 crore, representing a significant milestone for the company. This result demonstrates Upstox’s durability and strong business practices in a volatile market climate.

Broking Revenue Surpasses INR 1,000 Cr:

Upstox recorded a spectacular 44% increase in broking income during FY23, propelling the company into an exclusive league by surpassing the coveted INR 1,000 crore threshold. This considerable growth reflects the platform’s rising user base and increased trading activity. Upstox’s ability to recruit and retain clients has been critical to its successful financial performance.

Comparison with Rivals:

Upstox’s accomplishments distinguish out in the very competitive internet broking industry. While its rival Zerodha reported a net profit of INR 2,907 crore in FY23, Upstox’s profitability demonstrates its ability to overcome adversities efficiently. Groww, another key market competitor, made a net profit of INR 448.7 crore for the same fiscal year. Upstox’s performance demonstrates its rise as a major participant in the online broking market.

EBITDA Crosses INR 200 Cr:

Along with the remarkable financial results, Upstox announced that its EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) exceeded INR 200 crore. This strong EBITDA performance demonstrates the platform’s operational efficiency and steady growth trajectory.


Upstox’s spectacular return to profitability, as well as significant growth in broking revenue, demonstrate the company’s durability and strategic skill in the highly competitive online broking business. Crossing the INR 1,000 crore mark in broking revenue and attaining a consolidated profit of more than INR 25 crore cement Upstox’s status as a vital player, laying the groundwork for ongoing success in the changing financial landscape. Investors, industry experts, and users will keep a close eye on Upstox as it continues to create waves in the online broking business.

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