InCred Money Enters Broking Market from Acquiring SASL
InCred Money, the retail wealthtech division of InCred Group, announced its entry into the retail broking market through the acquisition of South Asian Stocks Limited (SASL), the operator of the discount broking platform Stocko.
Regulatory permissions are required for the deal. Without disclosing the deal's financial specifics, the company stated that after it is approved, the platform will be renamed as InCred Stocko and included into the InCred Money digital investment suite, which presently provides fixed deposits and alternative investment products.
To maintain continuity, the Stocko team will continue to oversee operations under the InCred name, it stated.
“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.”
Stocko, a discount brokerage platform that was first established in 2013 as SAS Online, offers trading in stocks, futures, commodities, and currencies on the NSE, BSE, and MCX. According to the platform, it generates over Rs 1 lakh crore in notional revenue every day.
InCred's efforts to develop a comprehensive financial services platform encompassing lending, investment, and capital markets are furthered by the acquisition.
Founded by Bhupinder Singh in 2016, the InCred Group operates in three verticals: retail investment distribution (InCred Money), institutional, asset, and wealth management (InCred Capital), and NBFC lending (InCred Finance). The group's profit after tax (PAT) was Rs 316 crore, while its operating income increased by 48 percent to Rs 1,267 crore.
In 2022, KKR India Financial Services and InCred Finance combined to become a joint company operating under the InCred Finance name.
After raising $60 million from investors Ranjan Pai of MEMG, RP Group chairman Ravi Pillai, and Ram Nayak of Deutsche Bank, the NBFC arm—which attained the coveted unicorn status (companies valued at over $1 billion) in 2023—completed the acquisition of TruCap Finance's gold loan business through a slump sale to enter the new market and bolster its secured lending portfolio.
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InCred has more over Rs 10,000 crore in loans.
According to reports, the company intends to go public to raise between Rs 4,000 crore and Rs 5,000 crore at an anticipated valuation of Rs 15,000 crore to Rs 22,500 crore.