Does the flat fee discount broker like Fyers make any profits by offering such a cheap brokerage plans?

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Yes, Fyers makes decent profits even by offering extremely low brokerage charges and free software. Here are some of the things to note:

• No branches, no relationship manager, no research reports, no margin funding and no expensive advertisement keep the cost of operation in control.
• Powerful online trading platform gives Fyers an opportunity to grow faster. With every new client added, the cost goes down.
• Focus on core brokerage business helps Fyers to reduce risk.
• Most customer on Fyers trading platform are self-supporting do-it-yourself type of customers. They need least assistance from broker and thus the cost to maintain these customers are low.
• Reduced brokerage allows traders to trade frequent which intern increase the volume.
• Stock exchanges offer incentives to the brokers for high volumes as it increases liquidity in the markets.
• Their customer referral model works well for slow and steady growth of the company. The customer referral program enables its customers to refer friends and earn 10% of brokerage paid by their referred friend.