Mumbai (Maharashtra) [India], June 7 (ANI/BusinessWire India): Continuing on its record-breaking spree in the broking industry, Fintech broker Angel Broking has now surpassed its own record in terms of monthly client acquisition.
The fintech broker has reported the acquisition of 0.43 million clients in May 2021, ~13% higher than its previous record of 0.38 million clients in March 2021. This is also 298.2% higher vis-a-vis the year-ago period.
Angel Broking's remarkable growth is backed by its extensive use of Artificial Intelligence (AI) and Machine Learning (ML) to augment its client experience. Its client base has now reached 4.84 million, which is 140.4% higher as compared to May 2020. The average client funding book has also simultaneously increased by 108.9% and is now at Rs. 11.74 billion. Leveraging its robust technological infrastructure, Angel Broking processed 86.49 million trades in May 2021, which is a growth of 117.9% over the year-ago period.
Speaking on the development, Prabhakar Tiwari, Chief Growth Officer, Angel Broking said, "At Angel Broking, we have developed an advanced IT infrastructure, wherein all of our operations are driven by technology. We have given special emphasis to AI and ML to ensure superior wealth creation for our clients. This technological edge proves its volume in gold for investors and traders, which is why they are actively joining Angel Broking. We thank all of the stakeholders including the team Angel Broking, our partners, and, above all, our brand patrons for this achievement."
Narayan Gangadhar, Chief Executive Officer, Angel Broking said, "The Indian broking industry has reached an inflection point and marked its entry to the high growth trajectory. Going forward, people will only choose those brokerages that transfer them a complete peace of mind. Here, the suite of client-centric services and platforms will make all the difference. Angel Broking has a considerable advantage on this front with its full-stack products and services. We cater to investors and traders of all proficiency levels with technology being the cornerstone of our organization."
Dinesh Thakkar, CMD, Angel Broking said, "Angel Broking takes pride in serving its clients the best way possible. Over the yesteryears, we have made a lot of changes to our business model and integrated technology into our across-the-board operations. It is a delight to say that the fruits of our efforts are finally paying off."
The Overall ADTO of the fintech broker increased by 778.0% YoY in May 2021 to Rs. 4.75 trillion. The development also marks an increase of 1,599 bps in terms of overall retail equity turnover market share to 23.5% in May 2021. The respective figure has increased by more than three-fold in a year.
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