2 Engineering Director's and a Marketing Director left in last 2 months. CTO, CGO, CHRO have put down papers and are leaving soon. A Sr. Engg Director has also resigned. A couple of SDE's joined and are leaving within the month of joining and more older SDE's leaving too. These are voluntary exits despite the current layoff and downtrend.
Downstox
Bruh I'm interviewing with them right now, what should I do?
On frontend it's an unofficial 6 day week here for engineering while they will not say this publicly.
On the backend you might have to keep on shuffling between projects on a day to day basis. Because what gets done is just on whims n fancies of top management on that day 😂.
There is a review on AmbitionBox from around Dec'22 by an EM who left. What is written there is true.
Damn, tbh the only reason I'm thinking of switching is because currently I'm in a SBC and I feel my pay is really low, so I feel having Upstox in my resume is gonna improve my profile.
Am gonna apply at upstox...
If so many CXO level ppl are exiting then probably they are running out of runway. Expect layoffs soon unless these exits help avoid that
please share some insight
Have a look at the yourstory article from FY 2022-23 start where founders are posing as superhumans about overtaking Zerodha in user count. Then a recent article about launching in the US (not US stocks in India but a briking platform in US) and being "profitable if we want to". The "profitable if we want to" line can be found in the ETCIO youtube video of another founder from last month.
I think this was all done as a run up to the FY22 annual report which was late by 2 months compared to FY21 - probably laying the ground work. Entrakr has the FY22 report now.
400cr spent on marketing. FY21 user count was 0.5M, acquired 0.5M throught FY22. So roughly Rs 800 per user (400cr ~ 0.5M users). Revenue from them is 0.
The number of active users is down to 32 lakh in Mar'23. Was 42 lakh in Jan'23. Slipped to 4th from 2nd in market share. Active user count was high due to an innovative tactic of giving new users ETFs worth Rs. 100 on account opening. With a SEBI rule to mark accounts with no trade for 12 months as dormant, we are now seeing a steep decline in active accounts as these users did not trade after receiving the ETF.
User retention is not a topic discussed internally. Even Angel Broking age old monolith broker has managed to improve its product offering by leaps and bound and is above Upstox now.
Instead of core basic features needed for trading which would help retain users, management comes up with ideas like launching paper trading 😂.
Bhai apka knowledge toh kamal ka hai Can you also tell if they are planning to layoff plss