InCred Money, the wealthtech investment arm of the InCred Group, has acquired South Asian Stocks Limited (SASL). In another development, used car marketplace Spinny has secured nearly $30.6 million in its ongoing Series F funding round.
InCred Money acquires Stocko
InCred Money, the wealthtech investment arm of the InCred Group, has acquired South Asian Stocks Limited (SASL), marking its entry into the retail broking space.
SASL, which operates as Stocko, offers trading across equities, derivatives, commodities, and currencies. Post acquisition, Stocko will be rebranded as InCred Stocko and integrated into InCred Money. The Stocko team will continue to run the business under the InCred banner.
“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.”
Stocko claims to be clocking a daily notional turnover of around Rs 1 lakh crore ($12 billion).
“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 4-5 years,” said Shrey Jain, CEO of Stocko.
Spinny raises another $30m
Used car marketplace Spinny has secured nearly $30.6 million (Rs 260.76 crore) in its ongoing Series F funding round from new investor WestBridge Capital.
According to an Entrackr report, Spinny has issued 77,309,247 Series F compulsorily convertible preference shares (CCPS) at a price of Rs 33.73 per share to raise the aforementioned amount. The investment was made through WestBridge Capital’s entities: Setu AIF Trust, MMPL Trust, and Konark Trust.
With the latest infusion, Spinny has expanded its Series F round to approximately $161 million. In April, the company had raised $131 million in a fresh funding round led by US-based Accel Leaders Fund. The round also saw participation from Fundamentum Partnership, co-founded by Nandan Nilekani.
Spinny competes with other used-car platforms in India such as Cars24, CarTrade, and CarDekho.
