Zerodha has a new rival! HDFC Securities launches Sky, a discounted broking app

HDFC Securities has developed Sky, a reduced brokerage app, in response to rising retail engagement in Indian markets. While new-age broking apps like as Zerodha, Groww, and Upstox are gaining popularity, HDFC Securities has also introduced its cheap broking app. 

According to Dhiraj Relli, Managing Director and CEO of HDFC Securities, HDFC Sky is “an all-in-one application.” 

“Customers can invest in equity, derivatives, currency, commodities, ETFs, mutual funds, IPOs, and global assets using this application.” Everything except global investing is priced at Rs 20 each order. As a result, we’re democratizing the investment landscape. It is an auto-scaling program built using cutting-edge technologies. So it is lightning quick and loaded with features, and we will offer our 23 years of research knowledge for free. As a result, we will be targeting all prospective clients, but we are particularly interested in GenZ, millennials, and newer investors, as we witness an increase in new investors joining the capital bandwagon. 

According to Relli, what distinguishes HDFC Sky from its competitors is its experience and research, as well as its technological and basic calls. 

Zerodha

“HDFC Sky’s pricing, at Rs 20 per order, is consistent with all other discount brokers.” I believe we have already reached rock bottom prices in our brokerage industry. As a result, it is on level with the other brokerage firms. This is not discount broking; rather, it is a low-cost broking service. Our research expertise is also something we bring to the table. As a result, none of the other providers provide research in addition to the execution platform. So, we provide fundamental, technical, and training calls on this application, as well as a margin.  

He claims that the broking industry’s pricing has reached rock bottom and will only climb in the future.  

“This is an already congested area. And, sadly, there are no access barriers here. People can enter the brokerage market with small investments. I don’t think we’ll lower our prices any further. In fact, prices will rise simply because we are virtually at the bottom of the barrel in terms of pricing, with Rs 20 flat orders for commodities, currency, derivatives, and, you know, delivery or intraday trades,” Relli explained.