Stock broking startups Groww, Upstox eye lending, payments to expand revenue base

Broking startups that disrupted the traditional world of stock trading and investments are looking to diversify their revenue base. Just like other fintechs expanding from their core business to complimentary opportunities, brokers are entering into lending and payments.

Two major challenger brands in the broking ecosystem, Groww and Upstox, are doubling down on their credit business, according to people in the know. The ultimate idea is to retain the customers coming to the platform to invest.

Mumbai-based Upstox is aspiring to start the credit business quickly by partnering with banks and NBFCs to begin with and eventually will get a non-banking finance company (NBFC) licence and might apply to the Reserve Bank of India very soon.