Only listed discount broker 5paisa.com crosses 20 lac customer milestone
5paisa.com, India’s only listed discount broker today said that it has crossed the 20 lac customer milestone within 5 years of its establishment, helped by robust technological platform, 100% digital client acquisition process, affordability and regional focus. This makes 5paisa.com one of the largest brokers in India.
Prakarsh Gagdani, CEO, 5paisa.com said, “This fact is reflected in our pace of customer acquisition – average monthly rate of customer acquisition now stands at 1,25,000 versus 1,000 in 2016. In fact, the quarter ending September 2021 marked our highest-ever quarterly customer acquisition at 3.4 lakh.”
In 2016, 5paisa.com was the first brokerage to introduce complete digital opening of accounts. Back then, 5paisa started Aadhar-based demat account opening (one of the first broking companies to get UIDAI AUA license). It was also the first broker to introduce Electronic Delivery Instruction Slip or e-DIS concept and scrap usage of Power of Attorney for purpose of opening a demat account. Now, this has now become an industry standard.
Early focus on reaching out to investors in tier 2, tier 3 towns and even smaller locations across the country helped growth. Through 5paisa mobile app, available in 8 languages, it was to democratize equity investing in the country for non-English speakers. Over 70% of 5paisa customers today are from smaller regional locations and largely first-time investors.
5paisa.com said that not only it has gained customers but also seen its app becoming one of the most used stock market apps in the world with over 10 million users and 4.3 stars rating. In 2016, 14-15% of industry’s Average Daily Turnover (ADTO) was routed through mobile apps. Right from the start of our journey, 5paisa.com derived 75-80% ADTO from its mobile app. Currently, brokerage industry generates 35-40% of ADTO via mobile apps and 5paisa.com has maintained this metric between 75-80%. Our app as well as our social media platforms (including our YouTube videos) are available in several Indian languages (8, including English), reaching a larger set of users. Our app acts as a single-point investment destination for users. In addition to stocks, users can invest in mutual funds, buy insurance/gold, invest in US stocks and also avail loans through a single app.
5paisa is an online discount stockbroker that is a member of NSE, BSE, MCX and MCX-SX. Since its inception in 2016, 5paisa has always promoted the idea of self-investment and has ensured that 100% operations are executed digitally with minimal to no human interventions. Headquartered in Mumbai, 5paisa.com - a subsidiary of IIFL Holdings Ltd (formerly India Infoline Limited), is the first Indian public listed Fintech company.