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Upstox Expands Into Insurance Distribution, Moving Beyond Investments

They are constantly working towards making their platform simple, secure, fast, and intuitive.

Upstox, the company aims to offer a simplified, transparent, and customized insurance buying experience to its users. It currently has term life insurance on its platform and is planning to roll out health, motor, and travel insurance soon.

Upstox aims to leverage technology and industry expertise to simplify the insurance process and ease the identification of top insurance plans in each category while also making the claim process smooth. 

Upstox co-founder Kavitha Subramanian said that they aim to help customers cut through the noise and help Indians Invest Right. They are constantly working towards making their platform simple, secure, fast, and intuitive. 

With the launch of insurance on their platform, they will remain steadfast in our endeavour to help our users manage their wealth effectively for a secure financial future.  

Founded by Subramanian, Raghu Kumar, Ravi Kumar, and Shrinivas Viswanath, Upstox is an investment and trading platform with a customer base of over 1.3 Crores. 

Like most investment tech platforms, Upstox charges INR 20 per executed order or 2.5%, whichever is lower for equity delivery. 

For intraday, futures, currency, and commodity trading, it charges INR 20 per executed order or 0.05%, whichever is lower, and for options trading, it takes a flat INR 20 per executed order. 

The startup has raised a total funding of USD 60.25 Million to date. It raised its last funding on 26 August 2022. 

It claimed to have achieved profitability in FY23 with a consolidated profit of over INR 25 Crores.  For FY23, its broking revenue increased 44% to cross the INR 1,000 Crore. Its earning before interest, tax, depreciation, and amortisation (EBITDA) also surpassed the INR 200 Crore level for the same period. 

While Upstox has scaled up on the investment tech front, it will face stern competition in the insurance distribution vertical from the likes of Phonepe, Paytm, Flipkart, and Policybazaar among other players, besides insurers that are selling directly.

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