The Fiery Demat Trailblazer Starting out as a tech-focused brokerage, Tejas opted to take the road less traveled by progressively building a tech stack while the entire industry was dependent on monopolistic software vendors to power their back end
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India is one of the fastest-growing fintech markets globally. The largest digitalization of investments began in 2020 when millions of Indians started transacting online due to the Covid-19 pandemic which has resulted in a direct increase in the number of Demat accounts subsequently resulting in creating a favorable environment of the fintech industry. FYERS is on a journey to solve the problems faced by traders and investors as the company caters to the millennials and Gen Z who require easy-to-use and a hassle-free trading and investing experience. FYERS' tech platform is based principles like cloud-native, scalability, high availability, etc. The company's goal is to balance scalability without compromising on uptime while maintaining high availability.
"We invest a significant amount of our revenues to ensure that our systems are always available. This is a crucial part of our approach to the business," said Tejas Khoday, co-founder and CEO, FYERS.
Starting out as a trader at the age of 16 in high school, Tejas experienced all the product offerings by brokerages in India and understood their shortcomings. He believes the factor that sets FYERS apart is that the company is best placed on building the most relevant products and services for investors. The company has harnessed a talented team with a goal to meet the evolving needs of users in the long term.
Starting out as a tech-focused brokerage, Tejas opted to take the road less traveled by progressively building a tech stack while the entire industry was dependent on monopolistic software vendors to power their back end. Tejas believes that even though it was highly challenging initially due to the steep learning curve, the company is well-positioned to deal with future challenges compared to most of its peers in the brokerage industry.
"A robust regulatory framework is a boon to our industry. Fortunately in India, our regulator, SEBI is very proactive and always prioritizes the interests of investors rather than the intermediaries. In the long run, it will help establish an efficient ecosystem," commented Tejas.
Khoday on the need of a regulatory framework in India. The company is scaling up and has over 3 lakh customers. The aim of the company is to build a more robust platform with exciting innovations with its in-house technology. The COVID-struck years have been a relatively good year for FYERS, tripling its client base. "I am no guru. We live and learn. I'm personally inspired by a concept in Zen Buddhism known as, Shoshin, meaning "Beginner's Mind.' I believe that more benefits are derived from having a child-like curiosity towards your passion rather than having an expert's ego," said Tejas on his belief of living and learning.