Mirae Asset, an international financial services group, has completed one year of their online retail stock broking platform, m.Stock, with 1.8 lakh paid users. The growth has been largely driven by their disruptive ‘Zero Brokerage across products for life’ pricing model, available at a one-time fee of 999. Their active client ratio is 71%, with 8.5 crore+ executed trades and 71 lakh+ app downloads in just a year.
m.Stock has 1.8 lakh paid users, 50% of whom are millennials. 80% belong to Tier II and Tier III cities, with Maharashtra, Uttar Pradesh, West Bengal, Gujarat and Madhya Pradesh being their top markets. They plan to onboard 10 lakh users in their flagship brokerage plan (Zero Brokerage for life @ 999) over the next 24 months and break even during the same period.
m.Stock has reported a Margin Trading Facility (eMargin) book size of INR 180+ crore, eMargin is offering up to 80% funding at one of the lowest interest rates in the industry at 6.99% p.a. Commenting on the milestone, Arun Chaudhry, Director and Chief Business Officer, Mirae Asset Capital Markets (India) Pvt. Ltd said, “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.”