Edited excerpts: We are still in the early stages with Sky. We have recently onboarded nearly 500,000 customers, so the platform is stabilizing. We are adding more features, but are focused on serving an underserved segment.
We identified a need for a platform that caters to new-age investors and customers who prefer transparent and simple pricing, and prefer to do everything digitally. We launched in October, just about five months ago. We are acquiring around 100,000 accounts every month and are satisfied with the progress so far.
The real test will be in the next fiscal year when we expect to see significant growth and scalability. In the past, the broking industry was largely made up of small, independent businesses without many entry barriers. However, today, digital technology and compliance requirements act as significant entry barriers.
Developing the necessary technology and digital products, such as various order types and algorithms, is challenging for smaller brokerages. Customers now demand features like bracket orders and basket orders, and the industry is evolving rapidly, with changes like T+0 settlement and the expansion of product offerings into commodities. As a result, smaller brokers struggle to keep up with the heavy investments required in digital technology and talent acquisition.
The challenges of compliance, technological innovation, talent acquisition, and product development make it increasingly difficult for smaller players to compete effectively in the industry. In our previous platform, Invest Right, we attracted mostly mature investors, aged 35 and above, who had serious investment needs and valued advice. Whereas, in Sky, we primarily see customers who are younger, under 25 or under 30,
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