InCred Money, the digital-first wealthtech arm of the InCred Group, plans to acquire discount brokerage platform Stocko, marking its entry into the retail broking sector. Although the companies haven’t disclosed the transaction amount, industry sources, however, estimate it to be an all-cash deal worth around ₹300 crore.
The deal is pending regulatory approval. Upon receiving regulatory clearance, InCred Money will rebrand Stocko—currently operated by South Asian Stocks Limited—as InCred Stocko and integrate it into its platform, the Mumbai-headquartered firm announced.
“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, originally launched in 2013 as SAS Online, provides trading services across equities, derivatives, commodities, and currencies. The platform follows a flat-fee model, charging ₹12.99 per order. Additionally, it offers a subscription option for active traders, which reduces the cost to as low as ₹2.99 per order. Furthermore, it reports a daily notional turnover of approximately ₹1 lakh crore.
As a result of this acquisition, InCred Money aims to broaden its offerings to include equity and derivatives trading for retail investors.
Established in 2016, the InCred Group has three main business segments: InCred Finance (focused on NBFC lending), InCred Capital (serving institutional and HNI wealth clients), and InCred Money, which caters to retail investors with products such as fixed deposits and alternative investment options.
Post-acquisition, Stocko will continue to be led by CEO Shrey Jain and his team.
“With InCred’s backing, we’ll scale faster, innovate harder, and roll out smarter products—from enhanced margin funding to sharper tech,” said Jain.
In line with broader industry trends, InCred Money’s foray into retail broking highlights a growing shift among traditional financial institutions and fintechs toward building comprehensive, full-stack financial platforms—gradually blurring the boundaries between lending, wealth management, and investing.
This strategic move, in turn, mirrors the evolution of platforms like Groww, which initially focused on mutual fund investments but later expanded into equities, derivatives, and asset management. Similarly, Paytm Money transitioned from a payments platform to one offering broking and advisory services.
In December 2023, InCred Finance secured $60 million in its Series D funding round, pushing its valuation to approximately $1.04 billion and earning it a spot in the unicorn club.
In April, reports indicated that InCred Financial Services began exploring a potential IPO to raise approximately $470 million. The company initiated discussions with advisers, including IIFL Securities, Kotak Mahindra Bank, and Nomura Holdings, as part of its IPO planning process.
With the acquisition of Stocko, InCred Money takes a decisive step toward becoming a full-service financial platform. By entering the retail broking space, it not only expands its product suite but also positions itself to compete with established fintech players catering to the growing appetite for digital investment solutions among India’s retail investors.
