Stock Report

Vakrangee Digital Ventures inks alliance with Upstox

Posted On : 2021-12-17 17:37:11( TIMEZONE : IST )

Vakrangee Digital Ventures Limited (100% Subsidiary of Vakrangee Ltd) alliance with Upstox (RKSV Securities India Pvt. Ltd), one of the fastest-growing investment platforms in India, to offer online trading account opening services through its BharatEasy Mobile app. Vakrangee shall also provide the service from its physical network of Vakrangee Kendras. Vakrangee Digital Ventures Limited is the 100% subsidiary Company of Vakrangee Limited.

This tie-up will provide a complete bouquet of financial solutions to the customers across the country. The collaboration will provide our partner with access to the huge client base & Network that Vakrangee has, helping it tap the untapped market & diversify its base.

Vakrangee through its BharatEasy Super app and Nextgen Kendras will now be able to provide Online trading account opening services in remote areas of the country. By downloading a single Vakrangee's BharatEasy Super App mobile application, our customers would get access to a wide array of products and services which would significantly reduce their requirement to switch between multiple apps. This would lead to superior customer experience and convenience for the customer.

Upstox was founded with the vision of making financial investing easy, equitable, and accessible to all Indian investors. It offers online investments in Stocks, Derivatives, Commodities, Currencies, Mutual Funds, and ETFs for investors and traders.

Commenting on this partnership, Mr. Dinesh Nandwana, Managing Director & Group CEO, Vakrangee Ltd. said, "Vakrangee on its BharatEasy Super App is offering an online trading account opening facility with Upstox. This partnership with Upstox will help to provide access to a wider range of investment & financial services to our customers in the remotest parts of the country through our digital platform as well as physical network of NextGen Vakrangee Kendras. We are extremely excited about our partnership with Upstox which gives us a big opportunity to bring value to our customers. This alliance will further boost our strategy of expanding the bouquet of services."

He added, "Our franchisees in remote areas of the country can now enhance their revenue stream by offering online trading services too. We will continue to add more products and services and tie-up with leading business partners to offer our customers a one-stop solution to all their banking, insurance, ATM, financial services, assisted e-Commerce, e-Governance and logistics. Vakrangee provides these partners with the unmatched reach in remote areas where these brands find the cost of operations too high.

Our Unique Proposition of Digital along with Physical: "Phygital" would help the Digital channel to scale up fast and would significantly reduce the costs related to acquiring customers, physical assistance, order fulfilling and Return management of online orders. Further, leveraging physical presence would result in better customer interaction, strong brand recall and better service experience and trust for the customers."

Vakrangee currently has ~13,200 Nextgen Vakrangee Kendras spread across 28 States & UTs, 560+ districts and 4,860+ postal codes. More than 70% of these outlets are in Tier 5 and 6 towns. Vakrangee's planned target is to reach at least 25,000 Nextgen Vakrangee Kendras by FY2022 and further enhance it to reach 75,000 Nextgen outlets by FY2026.

The Company has tied up with reputed partners spread across Banking, ATM, Insurance, Financial services, e-Commerce, e-Governance and Logistics verticals to offer its customers best-in-class services and products.

Shares of Vakrangee Limited was last trading in BSE at Rs. 37.30 as compared to the previous close of Rs. 38.25. The total number of shares traded during the day was 919401 in over 3432 trades.

The stock hit an intraday high of Rs. 38.80 and intraday low of 36.65. The net turnover during the day was Rs. 34354919.00.