InCred Money, the retail wealth‑tech investment distribution arm of the InCred Group, is set to enter retail broking via the proposed acquisition of a discount brokerage firm.
InCred Money, which was launched in May 2023 following InCred Group’s acquisition of Orowealth–an investment platform with an AUM of more than Rs 1,350 crore ($156 million)–will acquire Delhi-based South Asian Stocks Ltd (SASL), which operates as Stocko. The discount broker clocks a daily notional turnover of around Rs 1 trillion, according to a statement by the company.
Stocko, formerly known as SAS Online, is a discount brokerage platform for trading in equities, futures and options, commodities, and currencies, on major Indian exchanges such as the NSE, BSE, and MCX.
Following the acquisition, Stocko will be rebranded as InCred Stocko, subject to regulatory approvals. InCred Money will absorb the Stocko team into its fold.
“India’s investing ecosystem is evolving rapidly,” said Bhupinder Singh, founder and group CEO of InCred. “Stocko gives us a platform with serious volume, and we’ll bring our tech, capital, and customer-first mindset to unlock its full potential."
The acquisition will mark InCred Group’s entry into retail broking, expanding its offerings to include equities and derivatives trading.
Stocko, launched in 2013, offers trading across equities, derivatives, commodities, and currencies to retail investors, with a flat-rate pricing of Rs 12.99 per order. “Our goal is to become one of India’s top 20 brokers in the next two years, and top 10 brokers in four-five years,” Shrey Jain, CEO of Stocko, said.
Meanwhile, InCred Money offers alternative investments and FDs to retail customers. With the addition of Stocko, it will now also offer investments in equities and derivatives.
Founded in 2016 by Singh, InCred is a diversified financial services group comprising three businesses: InCred Finance, a new-age lending-focused NBFC; InCred Capital, an integrated institutional, wealth and asset management platform; and InCred Money, the retail wealth-tech investment distribution vertical.
