India, Jan. 31 -- Broking platform Upstox said that its revenue zoomed 25% to INR 1,311 Cr in the financial year 2023-24 (FY24) from INR 1,051 Cr in the previous fiscal year.

On the back of the increase in its top line, Upstox said in a statement that its "net profit" surged 8X year-on-year (YoY) to INR 190 Cr. However, the number excluded ESOP costs.

With this, the fintech unicorn claimed to have reported a second consecutive year of profitability. Upstox claims to have 1.7 Cr users on its platform, with about 85% of its customers coming from Tier II, III cities.

Notably in FY23, the company turned profitable and posted a consolidated profit of more than INR 25 Cr.

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