Wealthtech startup Univest is expected to turn profitable in FY26, its cofounder and CEO Pranit Arora told Inc42. The startup’s top line is expected to surge 250% YoY in the ongoing fiscal year on the back of rising subscriptions and growth in its nascent brokerage business, he added.
Considering its operating revenue of ₹44.1 Cr in FY25, the 250% rise would result in the startup’s revenue crossing the ₹150 Cr mark in FY26.
The Delhi NCR-based startup’s revenue zoomed 3.5X YoY in FY25 from ₹12.5 Cr in the preceding fiscal year. Total expenses rose 68% to ₹74.4 Cr during the fiscal year ended March, 2025, resulting in a net loss of ₹30 Cr.
Founded in 2022 by Arora, Avneet Dhamija and Vikash Agrawal, Univest offers advisory services to retail investors through its platform via SEBI-registered advisors, who give recommendations based on investors’ risk tolerance and financial goals.
It offers subscriptions for its services, starting from ₹5 per day for stock research. Advanced plans cost around ₹16-₹17 per day. The startup has over 5 Lakh paid users, and its app has seen over 75 Lakh downloads.
In February last year, Univest entered the stock broking segment in a bid to transition into a full-stack trading ecosystem. The broking vertical has started bringing in around 10-12% of the startup’s overall revenue, Arora said, with this number expected to rise to 30% next year. Univest earns the rest of its revenue from the advisory business.
Broking Hits The F&O Wall
While the broking segment is just a year old, it has been impacted by the steps taken by SEBI and the Centre over the past year or so to reduce participation of retail investors in the futures and options (F&O) trading.
Currently, 60-65% of Univest’s broking revenue comes from F&O, while the remaining comes from equity investments.
“The biggest change in trading patterns has been due to the structural changes led by the government on imposing taxes on F&O trading, increasing lot sizes and margin money and removing weekly expiries,” Arora said.
Notably, the government has been trying to bring down speculative trading in F&O amid reports of big losses for retail traders in the segment. A SEBI report estimated that 90% of participants in the derivatives segment lose their capital.
Most recently, the Centre hiked the Securities Transaction Tax (STT) on F&O trading in the Union Budget 2026-27 to 0.05% from 0.02% to curb speculative trades.
The steps taken by the Centre and SEBI have resulted in a steady decline in retail participation in F&O trading over the past couple of years, Arora said. “People are now looking for more long-term solutions rather than quick money schemes. They are moving toward SIP and other long-term investments” he added.
To capitalise on this trend, Univest forayed into the mutual fund advisory and distribution business this week to provide integrated, research-led wealth strategy.
Univest has raised almost $30 Mn to date, with its most recent round being a $10 Mn fundraise led by Bertelsmann India Investments (BII) in December 2024. It competes with the likes of Zerodha, Groww, and Angel One, along with relatively newer players like PhonePe, Paytm Money, and Dhan, in the broking segment.
The post Univest On Track To Achieve Profitability In FY26: CEO Pranit Arora appeared first on Inc42 Media.
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