Almost every industry has moved online in the past few years owing to advancements in technology. Similarly, the finance industry experienced rapid growth as it transitioned to an online model and made its exclusive services affordable and accessible to the general public.
In this revolution, FYERS, an acronym for Focus Your Energy and Reform Yourself is a rising fintech startup in the country. The Bengaluru-based startup was founded in 2015 by Tejas Khoday, Yashas Khoday, and Shreyas Khoday to make trading on the Indian stock market simple and more effective for the average person.
Also, it provides services to trade in Futures & Options, currencies, commodities, mutual funds, and more.
The Rise of FYERS:
While working with other brokerage firms between 2011 and 2014 after finishing his Master of Finance, the FYERS co-founders noticed a high disconnect between what the investing community required and what the brokerage houses were able to provide.
The main reason for this discrepancy was that most brokerages used trading platforms from the same technology service provider. Therefore, they were unable to enhance the features and offerings.
In the brokerage sector, there was a lack of technological understanding. To fill the gap and bring much-needed technological change to the developing capital markets, they founded FYERS.
Tejas and Yashas Khoday immediately worked on the idea and built software that supports trading and investing transactions.
They presented their business model to NSE, Mumbai in Aug 2015. A month later, they secured a licence from NSE to start FYERS.
The journey of founders:
Tejas Khoday, at the age of 16 was amazed by the stock market. He explored the world of trading, investing, and finance concepts and started investing at the age of 18. Since then, he realised various complacencies in traditional trading methods and simultaneously thought about solutions.
It was only because of his core market knowledge and long-term vision, FYERS started its journey in 2015 (informally).
Besides trading, Tejas is also hooked on chess and explaining critical finance concepts on his social media accounts. Moreover, he is featured in The Economic Times, Business Standard, Money Control, and many more for providing his valuable insights. Also, in 2021, he was featured in the BW Disrupt “30 Under 30” for his achievements as a successful bootstrapped entrepreneur & the youngest stockbroker in India along with his brother Yashas Khoday.
Yashas Khoday completed his education in economics and started to learn technical concepts. He has played a pivotal role in the success of FYERS through his ability to overcome technology challenges and build highly scalable platforms.
While Shreyas Khoday started his entrepreneurial journey at a very early stage. He strategizes a sustainable business with its mission for long-term goals.
The platform provides a wide range of services and has created 12 dedicated platforms like FYERS Web, App, One, API, Bridge, IPO, Direct, and much more.
The most attractive offer they launched in 2017 was a 30-day challenge on their platform. This was to ensure that traders have a disciplined approach where they are required to stay profitable for 30-days. The winners are recognised with certificates and brokerage refunds.
Further, in 2019, the platform released its School of Stocks service. Anyone can learn to trade from the ground up by following this free guide.
Also, Customers can open a free DEMAT account on the platform within 5 minutes.
FYERS allows its customers to trade on all major Indian stock exchanges, including the BSE, NSE, and MCX.
The ideology behind FYERS:
The co-founders had examined the vast potential of online stock broking businesses. They had the idea of creating software that could advise people on whether to buy or sell stocks without any human interaction.
Once in an interview, they said that we usually fear investing in stocks and doubt personal advice. But the tech-supported platform provides accurate advice and guides users through notifications about the stock market, investing, and trading.
Finally, in 2016, the startup launched its tech-based trading and investing platform to provide the best platforms and technology for modern-day traders and investors. Their platform is intended to give a competitive edge to Indian stock market participants who are active investors and traders.
To date, Fyers has served over 3.5+ lakhs customers.
FYERS was awarded the “Bootstrapped Business of the Year” in 2021 for laying the foundation of a self-funding company. FYERS is prepared to offer clients an ideal investment platform to help them build wealth.
The platform has a daily turnover of over Rs. 15,000 crores and seeks 15% MoM growth.