In a significant move into the retail broking space, InCred Money, the wealthtech arm of InCred Group, has bought Stocko, a discount brokerage platform. The all-cash deal is valued at INR 300 crore (~USD 35 million) and is subject to regulatory approvals.
Once cleared, Delhi-based Stocko, currently operated by South Asian Stocks Limited (SASL) and formerly known as SAS Online, will be rebranded as ‘InCred Stocko’ and integrated into InCred Money’s digital investment suite. This is a big move for InCred Group as it expands from its traditional strongholds of lending and wealth management into the fast-growing space of retail equities and derivatives trading.
From Discount Broker to Strategic Asset
Founded in 2013, Stocko has created a niche in India’s competitive broking landscape with its flat-rate pricing model — INR 12.99 per order, with subscription-based plans offering INR 2.99 per order for high-volume traders. The platform has a daily notional turnover of INR 1 lakh crore and supports trading in equities, derivatives, commodities and currencies on Indian exchanges like NSE, BSE and MCX.
Shrey Jain, CEO of Stocko will continue to head the operations under the InCred umbrella. “With InCred’s backing we will scale faster, innovate harder and roll out smarter products — from enhanced margin funding to sharper tech,” said Jain. He added that they aim to be one of India’s top 20 brokers in two years and top 10 in four to five years.
Stocko Acquisition: A Strategic Move for InCred Group
InCred Money, a digital-first retail investment platform, currently offers fixed deposits, bonds and alternative investments. With the Stocko acquisition, it now adds retail broking to its suite — so it can serve the full spectrum of retail investors who want both stable and high-risk instruments.
“This is a big milestone in our journey to build a full-stack financial ecosystem,” said Bhupinder Singh, Founder and Group CEO of InCred. “Stocko has a proven platform with serious volume and we will bring our tech, capital and customer-first approach to unlock its full potential.”
The Stocko acquisition is part of a larger fintech consolidation trend in India, where companies are striving to become one-stop digital financial service providers. InCred acquires Stocko as part of this strategic shift, joining peers like Groww, which acquired Fisdom, and Paytm Money, which is expanding into equities and investment advisory
InCred Group’s Big Plans
Founded in 2016 by former Deutsche Bank executive Bhupinder Singh, InCred Group now has three main verticals:
- InCred Finance – its NBFC lending arm,
- InCred Capital – for institutional and HNI wealth services,
- InCred Money – its retail investment distribution platform.
In Dec 2023, InCred Finance raised USD 60 million (~INR 517 crore) in Series D funding, entered the unicorn club with a valuation of USD 1.04 billion (~INR 8,960 crore). The group has also acquired TruCap Finance’s gold loan business, merged with KKR India Financial Services, and is looking to go for an IPO of INR 4,000–5,000 crore, which could value it between INR 15,000 crore and INR 22,500 crore.
Financially, the group saw 47% growth in operating revenue to INR 1,871.9 crore in FY25, with net profit of INR 374 crore – a clear indication of its growth and strong fundamentals.
Building a Fintech Super App
With Stocko acquisition, InCred Money will join the league of integrated platforms like Zerodha, Angel One and Groww which offer a wide range of financial services under one roof. The deal not only fills a product gap for InCred but also strengthens its position in India’s USD 14 billion (~INR 1.21 lakh crore) investment tech market.
As competition heats up in the digital investment space, InCred’s foray into broking with a seasoned player like Stocko is a clear indication of its bigger plan to be a full-stack financial ecosystem – from lending and wealth management to retail investing and capital markets.
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