Fyers, an online discount brokerage platform, has witnessed a substantial surge in its revenues. In the last fiscal year, the company garnered Rs 108 crore in revenue, but in the ongoing fiscal year 2024, it has already exceeded Rs 200 crore in earnings.
Tejas Khoday, the Co-Founder & CEO of Fyers, outlined the company’s ambitious objective of securing a position among the top 10 broking platforms within the next year. Khoday attributed this revenue upswing to Fyers’ strategic concentration on serving active retail traders, as well as semi-professional and professional traders in India. The platform has successfully attained a user base of half a million customers and aims to onboard one million users by fiscal year 2025. Fyers consistently adds approximately 15,000 to 20,000 new customers monthly while aiming to uphold a profitability margin of 20-25 percent.
Khoday also disclosed the company’s plans to venture into portfolio management services (PMS) in the coming year and explore opportunities in alternate investment funds (AIFs).
Shifting focus, Bollywood actor Bhumi Pednekar has announced her investment in EcoSoul, a direct-to-consumer (D2C) startup specializing in eco-friendly home essentials. Pednekar has also taken on the role of the startup’s brand ambassador. Established in 2020, EcoSoul offers an array of sustainable products, including crockery, cutlery, garbage bags, and tableware. This investment follows a successful funding round in April 2023, where EcoSoul raised $10 million, led by Accel Ventures.
Additionally, WeWork India has reported a 40 percent revenue growth in the first quarter of fiscal year 2024, propelled by heightened demand for flexible workspace solutions. Despite challenges faced by its parent company, WeWork India maintains an optimistic outlook on its growth prospects. Recently, they inaugurated their 50th workspace in the national capital, a noteworthy milestone. Karan Virwani, CEO of WeWork India, discussed the company’s future plans and growth trajectory, highlighting their resilience in a dynamic market.
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