NEW DELHI: Discount broker 5Paisa.com on Thursday said it is now among the top 10 brokers in India, riding on increasing financialisation of smaller cities.
The company citing data from the National Stock Exchange said, in November 5Paisa.com had 294,850 active clients, up 166 per cent from April 2019. With this, it became the 10th largest broker in terms of number of clients.
It is the second largest discount broker at present after Zerodha, which is the largest broker among full service and discount category.
“Three things are changing the game for us – focus on smaller locations, mobile only approach and millennials. Firstly, over 70 per cent of clients come from Tier-II and Tier–III cities; secondly, over 80 per cent of our trade and revenue through mobile platform, and thirdly 80 per cent of our customer base is under 35 years of age” said Prakarsh Gagdani, CEO, 5Paisa.com.
The three-year-old 5Paisa.com doesn’t charge any brokerage and offers trade at a flat fee of Rs 10 per trade of any value. It also offers multiple financial products besides broking like mutual funds, insurance, etc.
Gagdani said it aims to be among the top two brokers in the country by the end of December 2020.
5Paisa.com had raised Rs 110 crore through a rights issue in August. The company said it is looking to grow massively over the next few years.
The stock of 5Paisa Capital fell 0.23 per cent to Rs 177.10 on Thursday.
Source: Economic Times