Angel Broking: Brokerage house Angel One adds 2.38 mn customers during Apr-Sept

Mumbai: Digital-focused brokerage Angel One, formerly known as Angel Broking, has been on an average adding almost four lakh new customers each month so far this fiscal, as it has on-boarded a massive 2.38 million customers during April-September, taking the overall client base to 6.52 million. The city-based brokerage, which is the largest publicly traded standalone retail broking firm in the country, has added 3.9 lakh new customers in September. It made September the sixth consecutive month to add close to four lakh customers this fiscal, the company said in a statement.

It added that the new additions take the overall number of clients to 6.52 million, up from 4.12 million in FY21 and 1.82 million in FY19.

While the September addition of 3.9 lakh new customers is a growth of 99.3 per cent on an annualised basis, the total number of gross clients at 6.52 million as of September is a whopping 142 per cent growth over the same period in September 2020, the brokerage said.

Its Chief Executive Officer Narayan Gangadhar attributed the continuing fast growth in customer addition to the digital-first strategy that has created the ground for innovation.

August saw Angel One, the largest listed retail stockbroking house in the country in terms of active clients on the NSE, adding 4.5 lakh customers and taking the total customers to 6.15 million, up 145.7 per cent y-o-y.

Since the market began to bounce back from July of 2020 after the washout in the first half of the year following the pandemic scare, brokerages have been adding a record number of new demat customers.

This massive growth is reflected in the BSE data. Between June 6 and September 21 this year, 10 million more registered users or investor accounts on the BSE were added to scale past the 80 million or eight crore mark.

On June 6 this year, the BSE had said its registered user base crossed the seven crore or 70 million mark, which was an addition of 20 million or 2 crore registered investor accounts in a little over 12 months, from May 23, 2020, the BSE had said.

The BSE took nearly three more years to take this to 3 crore in January 2014 and took four more years to add one more crore when in August 2018 it crossed the 4-crore mark.

It crossed the 5-crore-mark in May 2020, the 6-crore level on January 19, 2021, and the 7-crore-milestone on June 6, 2021, and the 8-crore-benchmark on September 21, 2021, making it the fastest addition, in just 107 days.

Why new investors are flocking to the market is because of the bull run in the Sensex, which has moved from 50,000 in January to 60,000 in mid-September. The Sensex moved from 57,000 to 58,000 in three days from August 31 to September 3 and crossing the 59,000 mark in eight days on September 16 and crossing the 60,000 mount the very next week.

Standalone and online-only brokerages, like Zerodha, Upstoxx and Sharekhan, and bank-led players like ICICI Securities, HDFC Securities and Kotak Securities have also seen a massive jump in their investor accounts. All of them attribute the massive spike to the lockdowns and the reach of better internet connections.

Angel One also said its average daily turnover grew by 331 per cent to Rs 6.35 lakh crore in the reporting month, with the average client funding book seeing a 77 per cent growth to Rs 1,408 crore during the said month. Similarly, the number of trades rose to 101.07 million, up 97.2 per cent on-year.

In June, it had said that over 80 per cent of its nearly one million new customers are under-30. Of them, 90 per cent are from small towns, indicating the growing popularity of stock investments in non-metros.

Angel went public with a Rs 600-crore IPO in September 2020, closed FY21 with 4.12 million customers, up from just 1.82 million in FY19. This means that the brokerage has added 0.88 million customers in April and May, with May being the highest-grossing up 0.43 million new accounts, this was over twice the monthly average in the past financial year, he said.

“As much as 80 per cent of our new clients are under 30 years of age. Of them, and a whopping 90 per cent of them are from small towns. This shows how we have made inroads to tier-2 and -3 towns from where millennials are joining our platform, Prabhakar Tiwari, chief growth officer at Angel One, told PTI recently.

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