12 April 2023, Mumbai: Mirae Asset, the international financial services group, has reported one year of completion of their online retail stock broking platform, m.Stock, with 1.8 lakh paid users. The growing popularity of m.Stock among the trading audience is evident from their active client ratio of 71%, 8.5 crore+ executed trades and 71 lakh+ app downloads in just a year.
m.Stock, has also reported a Margin Trading Facility (eMargin) book size of INR 180+ crore. Launched just 9 months back, eMargin offers up to 80% funding at one of the lowest interest rates in the industry, starting at 6.99% p.a.
Of their 1.8 lakh paid users, m.Stock claims that about 50% are millennials. More than 80% of their customers belong to Tier II and Tier III cities with states like Maharashtra, Uttar Pradesh, West Bengal, Gujarat and Madhya Pradesh being their top markets. With an intention to build awareness about the benefits of trading without a brokerage fee, the company now plans to onboard an additional 10 lakh users in their flagship brokerage plan over the next 24 months. They are also on the path of crossing the ₹100 crore top line and are slated to break even during the same period.
Commenting on the milestone, Arun Chaudhry, Director and Chief Business Officer, Mirae Asset Capital Markets (India) Pvt. Ltd said, “We are very grateful to all our customers for believing in us and hopping onboard this growth journey. We’re also very excited about the next phase of growth in the stock broking industry, especially for m.Stock, which will be led by technological innovation and digital transformation. With Mirae Asset’s 25+ years of global expertise in financial services, we are confident to push the boundaries in a very short period of time.”
About m.Stock
Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Mutual fund investments are subject to market risks, read all scheme related documents carefully. Brokerage will not exceed SEBI prescribed limits. MTF is subject to the provisions of SEBI circular CIR/MRD/DP/54/2017 dated June 13, 2017 (as amended from time to time) and the terms and conditions mentioned in rights and obligations statement issued by MACM. Basket investing is not Exchange approved products, any disputes relating to this will not be dealt on the Exchange platform.
Statutory charges/taxes would apply as applicable.
To know more, visit https://www.mstock.com/
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