NEW DELHI, Oct 30:Discount brokerage firm 5Paisa.com on Wednesday said it has added about 4 lakh clients on its platform in nearly three years due to its affordable offerings and aims to have 10 lakh clients by end of December 2020, helped by mobile penetration and millennial investors from small cities.
The three-year old 5Paisa.com does not charge any brokerage and offers trade at a flat fee of Rs 10 per trade of any value, which makes it the most affordable discount broker in the country.
The company claimed that trading on 5Paisa.com could save investors up to 98 per cent compared with other regular platforms.
“We have been growing the fastest in smaller towns where our technology-driven platform and cost advantage is helping customers to benefit. Over 70 per cent of clients come from Tier-II and TierIII cities. We began as a mobile focussed platform and do over 80 per cent of our trade and revenue through mobile platform,” Prakarsh Gagdani, chief executive officer at 5Paisa.com said in a statement.
He further said 5Paisa.com is already ahead of many large brokers and has entered into the top 10 brokers list among the combined full service and discount broker category within three years of inception. It is the second largest discount broker at present after Zerodha, which is the largest broker among full service and discount category.
The firm has added 4 lakh clients in nearly three years on the back of its affordable and efficient offerings, Gagdani said.
“We aim to have 10 lakh clients and be among the top two brokers in the country by end of December 2020,” he added.
5Paisa.com is looking at massive growth for the next few years after it was bolstered with Rs 110 crore of funds through a rights issue in August.
The brokerage house is betting big on young millennials who use mobile as their device of choice.
“While we have seasoned traders as well as our clients, 80 per cent of our customer base is young and less than 35 years in age. They prefer all the information on the mobile app over phone calls as the previous generation of investors wanted. I believe we are in the cusp of an equity revolution powered by mobile and discount broking,” he added.
5Paisa.com is a fin-tech company and offers multiple financial products besides broking like mutual funds, insurance among others. (PTI)