InCred Money, the digital-first wealthtech platform of financial services firm InCred Group, said it is set to acquire discount broking platform Stocko, marking its entry into the retail broking space. It did not disclose the size of the transaction, but people aware of the development said it would be an all-cash deal for about Rs 300 crore.
The acquisition is subject to regulatory approvals. If cleared, it will see Stocko—currently operated by South Asian Stocks Limited—rebranded as InCred Stocko and integrated into InCred Money, the Mumbai-based company said.
“India’s investing ecosystem is evolving rapidly,” said Bhupinder Singh, founder and CEO of InCred. “Stocko gives us a proven platform with serious volume, and we’ll bring our tech, capital, and customer-first mindset to unlock its full potential.”
New Delhi-based Stocko, founded in 2013 as SAS Online, offers trading across equities, derivatives, commodities and currencies. It charges a flat fee of Rs 12.99 per order and offers a subscription-based model for active traders where the per-order cost can drop to Rs 2.99. The platform claims to clock a daily notional turnover of around Rs 1 lakh crore.
The acquisition will help InCred Money extend its suite to include equities and derivatives trading for retail users.
Founded in 2016, InCred Group operates three verticals—InCred Finance (NBFC lending), InCred Capital (institutional and HNI wealth services), and InCred Money, which offers products like fixed deposits and alternative investments to retail investors.
The Stocko team, led by CEO Shrey Jain, will continue to operate the platform post-acquisition.“With InCred’s backing, we’ll scale faster, innovate harder, and roll out smarter products—from enhanced margin funding to sharper tech,” said Jain.
InCred Money’s entry into retail broking also adds to the list of traditional financial institutions and fintechs looking to build full-stack platforms, blurring the lines between lending, wealth management and investing.
Platforms such as Groww, which started with mutual fund investments and expanded into equities, derivatives and asset management, and Paytm Money, which evolved from payments into broking and investment advisory, exemplify this shift.
In December 2023, InCred Finance closed its Series D funding round, raising $60 million from a group of high-net-worth individuals. The round propelled the company into the unicorn club with a valuation of around $1.04 billion
In April, Bloomberg reported that InCred Financial Services is in talks with potential advisers for an initial public offering (IPO) to raise about $470 million as the Mumbai-based company, a partner of KKR & Co., is in discussions with some firms, including IIFL Securities, Kotak Mahindra Bank Ltd. and Nomura Holdings Inc. about working on an IPO.
