How Upstox's Magical Marketing Strategy Earned It A Spot As One Of The IPL 2021's Lead Sponsors?

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How Upstox's Magical Marketing Strategy Earned It A Spot As One Of The IPL 2021's Lead Sponsors?

With over 40000 registered startups, the Indian startup ecosystem has experienced tremendous growth in recent years. It has emerged as the third-largest startup ecosystem, right after the USA and China and is now home to about 70 unicorn startups. With the rise in the funding scenario along with the vibrant tech community, high internet penetration rate and government support, many Indian startups have seen startling growth. So is the story for Upstox.

Established as RKSV Securities India Private Limited in 2009, Upstox has seen startling growth over the years to become the second-largest online investment platform in India with over a 6 million customer base. Upstox was established to make financial investment simple, fair, and accessible to all Indians. It allows investors and traders to invest in stocks, derivatives, commodities, currencies, mutual funds, and exchange-traded funds (ETFs) online. It also ensures complete pricing transparency by charging no brokerage on Equity Delivery trades and up to Rs. 20 per order for Intraday, F&O, Commodities, and Currencies.

Upstox-Growth and Marketing Strategies

1. Word of mouth referrals

According to a Nielsen report, 92% of people trust word of mouth or referrals from those they know, above all other advertising that companies do. Upstox also believes that the best way to grow its business is through word of mouth referrals. It runs referral program on its platform throughout the year.

2. Cutting edge tech

Above all, Upstox is first and foremost a technology firm. Rather than using outdated technology and scaling up through unnecessary costs, Upstox always looks to solve solutions through technology. The simplicity of online trading platforms such as Upstox, with a flat-fee structure, simple interface, and hassle-free account-opening process has served as a driving force behind the entry of several first-time demat account holders.Upstox has in-house technology services that builds intuitive user interface.

3. Tapping the untapped

The stay-at-home economy has fueled many Indian to look for alternative source of income. Upstox's customer base has now surpassed the 6 million-mark by tapping the untapped segments.

Nearly 70% of upstox's customers are first-time investors
More than 80% of their total customer base is in the age group of 18-35 years
Over 80% of their customer base is from Tier 2 & 3 cities

Ravi Kumar, Co-founder and CEO, Upstox, gives full credit to the government’s Digital India campaign for rapid rise in internet penetration and financial participation in the country, whose benefit has started trickling down to his own business and those of others.

4. Advertisement and promotion

Upstox has deployed various influcer marketing strategies to promote itself on various social media platforms. It has also signed a two-year sponsorship deal with the Board of Control for Cricket In India to be an official partner of the Indian Premier League.

'Start Karke Dekho' - The partnership that promotes investment culture

Upstox-Official Partner of IPL 2021

In April 2021, the Indian Premier League Governing Council (IPL GC) signed Upstox, one of India’s leading and fastest-growing digital brokerage firms, as an official partner for IPL 2021. The three-year deal worth 145 crores takes the T20 tournament's sponsorship pool to an all time high.

Upstox launched its Indian Premier League video campaign, 'Start Karke Dekho,' which aims to encourage more financial engagement in the country by emphasising the importance of simply taking the initial step. The campaign features a series of videos that emphasizes on the fact that investing on upstox is easier than everyday situations. The campaign was designed differently for different segments. The digital platforms and OTT platforms were targeted to tap the population in metros and big cities while the television advertisements were targeted towards Tier-2 and Tier -3 towns.

Upstox co-founder & CEO Ravi Kumar said, “The most important aspect of the campaign is that it gives first-time users confidence to start their investment journey. At Upstox, we want to refresh the way investing is done in India, just like IPL has reinvented cricket as a sport in India. We believe that our campaign Start Karke Dekho will create a significant impact on the millions of young people who want to manage their funds better.”

Upstox co-founder Kavitha Subramanian said, "our strategy is to pique the interest of the millions of young people who want to manage their finances better. Through our campaign, ‘Start Karke Dekho’, we wish to target first-time investors and increase financial participation in the country by emphasising on the need to take the first step and how it is far more easier than one thinks when they just start. The user experience on the platform further demystifies investing, especially for a first time investor."

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