5paisa.com on Friday said that it emerged as that fastest Indian broking platform to register 10 lakh customers in the industry. 5paisa.com, the country’s most affordable broker also ranks sixth among all brokers in India in terms of active customers, the company further mentioned. The popular broking firm offers a host of services ranging from equity investing at zero brokerage to choice of mutual funds, insurance, and loans among others on its platform. “Its services are targeted at retail investors and high-volume traders who actively invest and trade in securities markets and seek Do-it-Yourself services at a low cost,” the company added.
The platform witnessed a steep rise in the number of customers during the nationwide COVID-19 lockdown. This has catapulted 5paisa.com to be among the top and profitable fintechs, the firm said in a statement.
“Our mobile-first platform is designed to meet genuine expectations of millennial and zillenial across India, which has helped us to achieve this feat in just over four years,” Prakarsh Gagdani, chief executive officer, 5paisa.com .
“It has not only helped 5paisa.com, but also given opportunity to youngsters from Tier-2, Tier-3 cities and beyond to invest in equity markets for the first time,” he added.
At present, 5paisa.com mobile application has over 60 lakh users. It is available in multiple languages and provides essential micro-learning around investing through its 5paisa school application, the firm added.
5Paisa Capital reported a net profit of ₹2.67 crore in the second quarter ended 30 September. Total income rose to ₹52.62 crore for the quarter under review from ₹23.27 crore in three months ended 30 September, 2019. The company said it had acquired over 2.45 lakh customers in the September quarter.