Stock broking startups are focusing on consumer loans as they look to diversify their business area. Large stock brokers like Groww and Angel One are disbursing strong numbers for personal and consumer loans. Groww is facilitating disbursement of around Rs 250 crore of personal loans every month, while Angel One is handing out around Rs 50 crore monthly.
To be sure, Groww stopped providing the option to invest in US stocks for new users almost one year ago. The platform has around 1,500 - 2,000 users who continue to hold US stocks through the platform.
Kotak Cherry s chief executive Srikanth Subramanian, Kotak Wealth Management s investment products head Dharmendra Jain and senior product heads Shobhit Mathur and Mayank Rathi are all exiting the firm to join AngelOne.