Tiger Global-backed Upstox declares its entry into Insurance Landscape
The Mumbai-based firm registered a 44% year-on-year growth in its broking revenue and crossed an Rs 1,000 crore threshold during FY23. The Tiger Global-backed firm also claimed that it turned profitable in FY23.
Upstox competes with the likes of Zerodha, Groww, and PhonePe’s Share.Market. It’s worth highlighting that PhonePe also offers insurance products on its platform.
Online trading & wealth management platform, Upstox has declared its entrance into the business of insurance distribution.
Upstox fosters to redefine the landscape of insurance by providing its users with a personalized experience of obtaining insurance that align with their needs, the company stated in a Press Release.
At present, Upstox is providing term-life insurance on its platform & also forecasting to event out motor, health & travel insurance shortly. Among the first insurers, HDFC Life is to team up with Upstox & display its term Insurance plans on the insurance platform.
The online trading company Upstox provides a wide array of financial products, instruments & services such as IPOs, NCDs, Gold, IPOs, F&O, commodities, P2P lending, government bonds, currencies, and fixed deposits & many others.
During the financial year 2023, the Mumbai-based company reported a 44 percent year-on-year growth in its broking revenue & exceeded a 
1,000 crore threshold. Also the company claimed that it generated a significant profits in the financials year 2023.
1,000 crore threshold. Also the company claimed that it generated a significant profits in the financials year 2023.
Backed by Tiger Global, Upstox competes with the prominent players in the market such as Zerodha, Groww, and the share market of PhonePe.
