Homefinance News

    Digital brokerages see rise in business amid COVID-19 pandemic; hiring activity picks up

    Digital brokerages see rise in business amid COVID-19 pandemic; hiring activity picks up

    Digital brokerages see rise in business amid COVID-19 pandemic; hiring activity picks up
    Profile image

    By Anshul   IST (Updated)

    Mini

    Digital brokerages have seen a huge surge in their business, as more customers are shifting to trading as a means of saving.

    The coronavirus pandemic has resulted in job losses, layoffs and pay cuts in many industries. However, digital brokerages have seen a huge surge in their business, as more customers are shifting to trading as a means of saving. To cater to the demand, brokerages are now scaling up their operations and hiring activity.
    Tejas Khoday, CEO and Co-Founder, FYERS—one of the discount brokers—claims to have witnessed a 40 percent surge in business. He expects this number to increase in the coming months as investors are now considering stock markets as an alternative asset platform.
    Angel Broking—another stockbroker firm—also claims to have witnessed an uptick in their business.
    “Over the last couple of months, as clarity emerged with respect to restarting the economy, markets have bounced back significantly. During this period, as valuations become more attractive, not only did existing investors become active but the industry also saw many new investors entering the market,” says Vinay Agrawal, CEO, Angel Broking Ltd.
    Also read: 
    To meet this growing demand in business, brokerages have started scaling up their talent pool across key function areas.
    “We have been hiring across India and helping employees to set up offices from their homes in a lockdown scenario,” says Ravi Kumar, CEO and Co-founder, Upstox—a retail broking firm.
    Over the last 12 months, Kumar says they have strengthened the team in line with their vision to create the most agile trading ecosystem, where over 25 percent of the workforce has been on boarded in the last four months.
    A vast majority of the Upstox employee base, as Kumar elaborates, consists of product managers, product designers, and engineers.
    For these brokerages, internet connectivity and faster broadband connections have made it easier to hire from Tier 3 cities as well.
    “The Internet has done away with tech companies’ needs to move to an IT hub to scale even further. It is also no longer a requirement for an employee to move to a big city to earn a good living,” Kumar opines.
    Going further, Kumar says they will continue to boost the employee strength since the industry is poised to experience robust growth in the times to come.
    Discount broker FYERS is also planning to hire across areas including—sales, marketing, communication, developers, client servicing and acquisition in the next two months. Currently, they have a team of 100 employees and are aiming to double the employee count, according to Khoday.
    arrow down

      Market Movers

      View All
      CompanyPriceChng%Chng