Upstox forays into insurance distribution

Wealth management platform Upstox has announced its entry into the insurance distribution business. 

The company aims to revolutionise the insurance landscape by offering its users a customised experience of purchasing insurance in line with their needs, Upstox said in a press release.

Currently, Upstox is offering term life insurance on its platform and is planning to roll out health, motor and travel insurance soon. HDFC Life is among the first insurers to partner with Upstox and feature its term Insurance plans on the platform.

Upstox offers a wide range of financial instruments including stocks, IPOs, F&O, commodities, currencies, fixed deposits, P2P lending, government bonds, NCDs, Gold, and insurance, among others.

The Mumbai-based firm registered a 44% year-on-year growth in its broking revenue and crossed a Rs 1,000 crore threshold during FY23. The Tiger Global-backed firm also claimed that it turned profitable in FY23.

Upstox competes with the likes of Zerodha, Groww, and PhonePe’s Share.Market. It's worth highlighting that PhonePe also offers insurance products on its platform.