Zerodha Rival Upstox Sees Losses Rise 3X In FY20

Upstox has reported a revenue of INR 154.6 Cr with expense of INR 193.3 Cr, leading to a net loss of INR 37.98 Cr

It is the second biggest stockbroking platform in India, right after Zerodha with about 25 Lakh users

With three subsidiaries out performing FY2019’s performance, Zerodha is expected to better in FY2020

After a profitable run of two years, digital stockbroking firm Upstox has ended up in losses but with a 99% increase in revenue in the financial year 2020, which ended in March last year. The company reported a revenue of INR 154.6 Cr with a net loss of INR 37.98 Cr. Its expenses have grown almost 3x or 201% to INR 193.3 Cr in the same time frame.

In the previous fiscal year FY2019, Upstox had reported a revenue of INR 77.5 Cr with INR 64.1 Cr expenses, leading to a profit of INR 13.06 Cr. It had reported a profit of INR 2 Cr in FY2018 with a revenue of INR 27 Cr.

Around 44% of its spending was in three areas — employee benefits expenses, discounting charges and…