Further, the majority of customers are from metros/tier 2 cities and over 60% of them are below the age of 35 years, which indicates that millennials and younger traders are entering the trading ecosystem
FYERS, one of the fastest-growing investment & trading platforms, has witnessed a 3X growth in the customer base in the last year by adding one lakh customers. FYERS witnessed an uptick in DEMAT account opening and trading activities in the last fiscal which led to this unprecedented growth. Further, the majority of customers are from metros/tier 2 cities and over 60% of them are below the age of 35 years, which indicates that millennials and younger traders are entering the trading ecosystem.
COVID-19 disrupted the broking industry and provided a much-needed impetus on the digitization of the sector. New-age fintech startups which were already banking on Technology and Innovation are reaping the benefits and are successful in attracting young and first-time investors from metros and non-trading hubs. According to a recent BSE report, retail investor headcount stood at a record 6.97 million. FYERS has too observed an increase of over 150% Demat account openings over the last 12 months.
Speaking on the growth, Tejas Khoday, Co-founder and CEO, FYERS said, “We at FYERS focus on catering to the tech-savvy DIY (Do It Yourself) population who looks for easy-to-use and hassle-free trading/investing platforms. We have realized that young, and working-population are now looking at different avenues of investment for better returns and wealth generation. As the young population enters the workforce, we expect retail participation in capital markets to only grow in the coming years. Our growth is a testimony of the hard work and resilience shown by the team in creating value and catering to the needs of the growing trading community.” In order to support the business growth and ambitions, FYERS has also expanded its workforce by 4X times and is introducing tech-enabled innovative solutions for their customers. The company is also confident of doubling their customer base in this fiscal and planning to introduce US stocks investing, Govt Bonds platform, etc thereby, providing customers with a one-stop option for investments and wealth creation.
FYERS, which started its operations in 2016 with an aim to make online trading safe and simple, has grown to be the most sought-after trading platform. Today, with a strong community of traders and investors, FYERS has more than 1,00,000 customers on its platform facilitating 15,000 cr worth transactions every day across all major Indian exchanges. Through their platform, FYERS offers Thematic Investment and Direct Mutual Fund Investment options to save on third-party commissions.
About FYERS FYERS, a technology-focused stockbroking firm is a pioneer of leading trading platforms in India. With a strong community of traders and investors, FYERS is currently powering more than 1,00,000 customers to trade seamlessly, across all major Indian exchanges including – NSE, BSE & MCX. In a span of 5 years, FYERS has emerged as a leading tech-enabled trading platform in India by developing unique trading opportunities such as FYERS Free Investments, FYERS 30 day challenge, FYERS Web, and Direct MFs.
Source: Business World
