– by Mr. Ravi Kumar, Co-Founder & CEO, Upstox
2021 has been an incredible year for India’s capital markets. The Sensex and Nifty touched all-time highs with a record surge in equity participation. Digital brokerages supported by their tech-driven business model have played a pivotal role in driving this surge, as is seen in our growth. At Upstox, from a customer base of 2 million in January 2021, we are now ending the year with over 8 million customers!
It’s encouraging to see that despite COVID challenges, market and business confidence have grown stronger, resulting in a more robust and mature capital markets at par with global markets. The record number of IPOs this year is a testament to this. India will continue to be an attractive destination for investment as the macroeconomic parameters remain stable, and will continue to support consumption and investment.
Our startup ecosystem, already the 3rd largest in the world, too will continue to flourish. We’ve already seen a record number of startups attaining unicorn status this year, and we believe that it is a trend that will continue in 2022.
A large untapped market, favourable demographics, rising financial literacy, increasing smartphones and low-cost internet penetration will continue to boost equity participation. The brokerage industry will see further consolidation as smaller brokers will gradually cede market share to more established entities. And as a homegrown startup, we will continue to participate in Bharat’s growth story by leveraging tech innovations to make equity participation more inclusive and accessible.