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HDFC Sky surpasses 1 lakh customer additions in Jan 2024

Since its launch in Sept 2023, HDFC SKY has attracted a total of over 3 lakh customers

HDFC Sky surpasses 1 lakh customer additions in Jan 2024

Photo: Fortune India

New Delhi: HDFC Securities, a leading investment services provider, has reported a noteworthy achievement for its flat-priced equity broking app, HDFC SKY. In the month of January 2024 alone, the platform successfully added over 1 lakh new customers, marking a substantial growth in its user base. Since its launch in September 2023, HDFC SKY has attracted a total of over 3 lakh customers, establishing itself as a prominent player in the investment services sector.

HDFC SKY stands out as a comprehensive platform catering to diverse investment needs, including equity, mutual funds, global investing, and more. The app has strategically positioned itself to assist investors of all levels, offering services ranging from stock recommendations to proprietary research, empowering users to make well-informed decisions in the financial markets.

In the context of India's robust financial landscape, characterized by double-digit returns in the past four years, HDFC SKY is poised for further growth. The interim budget has set optimistic parameters with a nominal GDP growth rate of 10.5% and a fiscal deficit of 5.1% for FY25, providing a favorable environment for broader market expansion.

HDFC SKY's fee structure is designed for simplicity and transparency, with a flat pricing model of Rs 20 for both intraday and delivery across segments. Additionally, the platform extends its offerings by providing a margin trading facility, broadening the horizons of investment opportunities for all customers.

Mr. Dhiraj Relli, Managing Director & Chief Executive Officer at HDFC securities, expressed his satisfaction with the achievement, stating, “We are thrilled to achieve this milestone; the development reflects the customers' trust in the HDFC brand.” Further emphasizing their commitment to customers' investment and wealth creation journey, he highlighted the simplicity and effectiveness of HDFC SKY's investment platform.

Mr. Sandeep Bhardwaj, Chief Operating and Digital Officer at HDFC securities, expressed excitement about the initial traction and response HDFC SKY has garnered. He emphasized the platform's comprehensive features, including an all-in-one app for various asset classes, free in-house research, and a dedicated MTF ecosystem with competitive pricing.

HDFC SKY continues to refine the user experience, expand investment options, and leverage technology to make investing even more accessible in India's dynamic and fragmented market.

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