Social investment and stock market advisory platform StockGro has kicked off its Series B round, raising INR 150 crore (~USD 17 million) led by ace investor Mukul Agarwal and affiliated entities. The company is issuing a mix of fully paid and partly paid securities as part of the tranche.
Round Contours and Investor Line-Up
As per records filed with the Registrar of Companies (RoC), StockGro’s board has cleared the issuance of Series B compulsorily convertible preference shares (CCPS) to raise INR 100 crore, alongside a Series B1 partly paid-up allotment worth INR 50 crore. The documents state that Mukul Mahavir Agarwal and his affiliates have subscribed INR 100 crore in fully paid capital, with the remaining INR 50 crore subscribed as partly paid shares.
The fresh equity raise comes soon after an INR 50-crore infusion via convertible debt from Trifecta Capital in September 2025, which the company has proposed to convert alongside the Series B, the filings indicate. Valuation terms were not disclosed in the documents.
ESOP expansion and hiring plans
Alongside StockGro’s latest funding, the company has expanded its employee stock option pool by issuing 3,966 options, according to RoC disclosures. Media reports peg the programme at around USD 30 million in notional value, intended to support team expansion across India and the Middle East. The company did not specify vesting or exercise terms in the filings available.
Business snapshot and investor base
Founded in 2020 by former venture capitalist Ajay Lakhotia, the Bengaluru-based fintech offers investing and advisory tools through SEBI-registered advisors, and provides portfolio guidance and education aimed at retail market participants, the company has stated in its profile materials. StockGro counts Bitkraft Ventures, SBI Ventures, Root Ventures and General Catalyst among notable backers, as per publicly available investor information.
Prior to this tranche, StockGro had raised about USD 76 million in a mix of equity and debt. StockGro Series B capital would add to that tally once the allotments and conversions are completed, subject to customary approvals and filings.
Financial performance
StockGro is yet to file its FY25 financials. In FY24, revenue from operations declined 34% year-on-year to INR 86.5 crore from INR 131.0 crore in FY23, while net loss widened 84% to INR 101.0 crore over the same period, the company’s prior filings show. The filings did not detail the drivers for the revenue moderation or the loss expansion.
Industry participants note that investment-tech platforms have been recalibrating growth spends and monetisation as market conditions and regulatory expectations evolve; StockGro’s latest raise suggests it is provisioning capital for product, compliance and regional hiring, even as it works through profitability metrics, according to market observers.
StockGro Series B Funding At a glance
- Round: Series B; gross proceeds INR 150 crore (~USD 17 million)
- Structure: INR 100 crore in fully paid Series B CCPS; INR 50 crore in partly paid B1 shares
- Lead subscriber: Mukul Mahavir (Agarwal) and affiliates, per RoC filings
- Debt conversion: INR 50-crore CCDs from Trifecta Capital (Sept 2025) to convert with this round
- ESOP: 3,966 options; programme pegged around USD 30 million for India & Middle East hiring
- Financials (FY24): Revenue INR 86.5 crore (↓34% YoY from INR 131.0 crore in FY23); net loss INR 101.0 crore (↑84% YoY)
- Incorporation: 2020; Founder: Ajay Lakhotia; Headquarters: Bengaluru
Conclusion
StockGro Series B kickoff, anchored by Mukul Agarwal, formalises a capital stack that blends new equity with conversion of earlier debt, while enlarging the ESOP pool for expansion in India and the Middle East. With FY25 numbers pending, the near-term focus will likely be on closing the allotments, integrating the CCD conversion and translating the fresh cash into sustained user monetisation within SEBI’s advisory framework.
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