Angel Broking reaches 5 million client milestone
_1614944934137_1623929562848.jpg "Angel Broking manages around ₹2,92,040 million in client assets (Angel Broking )")
Premium- Angel broking on-boarded 0.43 million clients during May, which was over twice the monthly average recorded during the last financial year
NEW DELHI: Fintech broker, Angel Broking, on Thursday said it crossed the five-million client milestone, as it clocked its highest-ever monthly gross client acquisition in May. The broking house on-boarded 0.43 million clients during the month, which was over twice the monthly average recorded during the last financial year.
According to the company, the client addition grew more than 14 times to 0.96 million in the fourth quarter of 2021 against 0.10 million in Q1FY2020, which was led by an increased focus on leveraging artificial intelligence and machine learning for across-the-board processes.
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Angel Broking hit its all-time high average daily turnover (ADTO) of around ₹4.8 trillion, nearly 19 times compared with ₹253 billion in Q1 2020.
Commenting on the development, Narayan Gangadhar, chief executive officer, Angel Broking said, “The five million clients’ milestone is a testament to the fact that we are headed in the right direction. We are ensuring maximum client satisfaction by curating an entire ensemble of services that are technologically evolved, yet easy to use. The idea is to empower people by making technology an indispensable element of investments in India. Our vision is to include this asset class in every Indian’s investment portfolio."
The broker manages around ₹2,92,040 million in client assets.
The fintech broker made deeper inroads into tier-II, tier-III cities as more millennials and Gen Z individuals joined the platform to learn about new-age investments.
Angel Broking also said that its rule-based investment engine ARQ Prime outperformed the BSE 100 index by more than 60% in its first year.
“In the past couple of years, Angel Broking has industriously traveled through the path of digital transformation. However, we believe that the journey has only begun. The retail participation in India is still slightly above 4%. So, the kind of response that we are receiving is merely the tip of the iceberg. The industry has to prepare for an impending storm of investors in the coming few years. This generation will settle for nothing less than perfect," said Prabhakar Tiwari, chief growth officer, Angel Broking.
Meanwhile, the broker has also joined hands with ‘smallcase’, which offers curated portfolios of stocks and exchange-traded funds. The services of US-based investment platform Vested and options trading platform Sensibull are also available with Angel Broking, alongside others.
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