5Paisa.com adds about 4 lakh clients, aims 10 lakh clients by Dec 20

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5Paisa.com, India’s only listed discount broker today said, it has added about 400,000 clients on its platform on the back of its affordable and efficient 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 doesn’t 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. Many calculations show trading on 5Paisa.com could save investors up to 98% 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% of clients come from Tier-II and Tier – III cities. We began as a mobile focussed platform and do over 80% of our trade and revenue through the mobile platform,” said Prakash Gagdani, CEO, 5Paisa.com.

Gagdani added that 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 the full service and discount category.

“We aim to be among the top two brokers in the country by the end of December 2020.”

5Paisa.com is looking at massive growth for the next few years after it was bolstered with Rs110 crores of funds through a rights issue in August.

5Paisa.com is betting big on young millennials who use mobile as their device of choice. Gagdani says, “While we have seasoned traders as well as our clients, 80% 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.”

5Paisa.com is a fin-tech company and offers multiple financial products besides broking like mutual funds, insurance, etc.

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