The trading and investment space has been aggressively growing with players like Upstox, Groww and Zerodha catering to different sets of audience. FYERS is a fast growing trading platform focusing on the interest of active traders, providing them with features that are not usually seen in this space. Basically, this Bengaluru-based fintech startup seeks to empower new-age traders and investors with the latest technology and DIY platforms with an aim to help them gain a winning edge in the stock markets.
With zero brokerage fee, FYERS’ business model is built on scalability. “Our business model hinges on a larger threshold of clients, and that’s when it becomes commercially feasible. For us, the business depends on the number of trades taken,” says Tejas Khoday, the CEO and co-founder of FYERS. He claims his venture to be the first brokerage in India to introduce drag and drop and price ladder trading. “This enables you to trade based on price action by looking at bid offers. We were also one of the few brokers who popularised API trading, also known as algo-trading for retail.”
A brief recap. While working with other brokerage houses, Khoday came across a massive gap between what the investing community wanted and what was being offered. This gap was because most brokerages were run by people from finance background with little understanding of technology. Therefore, they ended up using the platform from third party technology service providers to facilitate trading. Hence, they couldn’t make proactive improvements on the technology side of things or add relevant features.
Khoday realised the lack of understanding of technology in the brokerage industry and how technology could be a huge enabler for traders. This led him to start FYERS along with his two brothers, who joined to realise his vision of bringing the much-needed technological change to the industry with a focus on traders.
“We started FYERS to address the gap and bring much-needed technological change to the evolving capital markets. Our key differentiator is that we know the DNA of the retail traders and investors from having interacted with them for many years, even before we started FYERS. We started out as a tech-focused brokerage and chose to take the road less travelled by progressively building our own technology stack while the entire industry was dependent on monopolistic software vendors to power their backend,” he adds.
FYERS is a bootstrapped company. There is no external funding from VCs. “We are a self-funded and profitable startup and, as of now, there are no plans to raise funds from VCs,” he reveals. In the financial year 2022, the company did more than Rs 108 crore in revenue. “As a private company, we do not disclose profits, but profits are over 25%.”
Going forward, FYERS is launching a 2.0 version of its app soon. Khoday claims the new version is going to be faster with many exciting features, such as advanced and simplified options analytics. “You can choose the language of your choice, get personalised screens for all kinds of traders, the latest news updates about the stocks you are tracking in your watchlists etc. There are many more enhanced features coming up in the new version that will enhance your trading and investing experience,” he informs.
“We use cloud computing extensively, which enables us to elastically scale up and down our backend services based on the user activity on our platform. We have employed different methods to secure our platforms, including data encryption at rest and while in transit.
We also adhere to strict 2-factor authentication of user accounts to prevent unauthorised access,” Khoday adds.