InCred Money acquires Delhi-based Stocko, enters retail broking space

Bhupinder Singh, Founder & CEO, Incred

InCred Money, the retail wealthtech arm of InCred Group, on June 16 announced the acquisition of South Asian Stocks Limited (SASL), which operates discount broking platform Stocko, marking its entry into retail broking.

The deal is subject to regulatory approvals. Once cleared, the platform will be rebranded as InCred Stocko and integrated into the InCred Money digital investment suite, which currently offers fixed deposits and alternative investment products, the firm said in a statement, without sharing the financial details of the deal.

The Stocko team will continue to lead operations under the InCred brand to ensure continuity, it added.

“India’s investing ecosystem is evolving rapidly,” said Bhupinder Singh, Founder and Group 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.”

“This is a massive leap forward for us,” said Stocko chief executive officer Shrey Jain. “With InCred’s backing, we’ll scale faster, innovate harder, and roll out smarter products — from enhanced margin funding to sharper tech. Our goal is simple: to become one of India’s top 20 brokers in the next two years, and top 10 brokers in four–five years.”

Founded in 2013 as SAS Online, Stocko is a discount broking platform offering trading in equities, derivatives, commodities and currencies on NSE, BSE, and MCX. The platform claims a daily notional turnover of about Rs 1 lakh crore.

The acquisition extends InCred’s push towards building a full-stack financial services platform across lending, investing and capital markets.

Also read: KKR-backed InCred’s private credit arm to raise $174 million

InCred Group, founded in 2016 by Bhupinder Singh, operates across three verticals: InCred Finance (NBFC lending), InCred Capital (institutional, asset, and wealth management) and InCred Money (retail investment distribution). The group’s revenue from operations grew by 48 percent to Rs 1,267 crore while profit after tax (PAT) stood at Rs 316 crore.

In 2022, InCred Finance merged with KKR India Financial Services, creating a joint entity under the InCred Finance brand.

The NBFC arm, which achieved its coveted unicorn status (companies valued at over $1 billion) in 2023 after raising $60 million from investors Ranjan Pai of MEMG, RP Group chairman Ravi Pillai, and Deutsche Bank’s Ram Nayak, completed the acquisition of TruCap Finance’s gold loan business through a slump sale to enter the new market and strengthen secured lending portfolio.

InCred has a loan book exceeding Rs 10,000 crore.

Also read: We will definitely be listed, just a question of when: InCred’s Prithvi Chandrashekhar

The company plans to hit the market to raise between Rs 4,000 crore and Rs 5,000 crore at an expected valuation of Rs 15,000 crore to Rs 22,500 crore, reports have said.