There’s a lot of talk about a huge influx of traders from Tier 2 and 3 towns. This data may be a little misleading. Let me explain.

If one examines trading activity by looking at users’ addresses as per their KYC, they’ll see many users from Tier 2 and 3 towns.

However, if you look at user activity by the IP addresses they use to log in, then the bulk of the activity comes from the top 20 cities. This is because most people don’t update their address once they move to a different city.

This is why, for example, you see a lot of activity from Pune and Bangalore because they are among the go-to destinations for people relocating for work.

So yeah, you have to keep this in mind when drawing conclusions about investor participation, deepening of the markets etc.

Disclaimer: The data is based on our customers; it may or may not be true when compared to others

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