InCred Money, part of financial services group InCred, is set to acquire trading platform Stocko for Rs 300 crore ($35 million), according to a report.

Post the acquisition, Stocko will be renamed InCred Stocko, The Economic Times reported, adding that regulatory approval for the deal is still awaited.

The acquisition will mark InCred Group's entry into the retail brokerage space.

Stocko was founded in 2013 by Shrey Jain, as per the company's website. It claims to have a daily turnover of 1 lakh crore, daily orders execution of over 3.5 lakh and more than 60,000 traders.

In another acquisition in the retail broking space, Mirae Asset Financial Group bought Sharekhan late last year.

InCred Money was launched in May 2023 following the InCred group's acquisition of Orowealth via its wealth and asset management arm InCred Capital.

InCred Group is a diversified financial services company comprising of three businesses -- InCred Money, InCred Finance and InCred Capital.

Earlier in April, InCred Alternative, which falls under the group's InCred Capital, received over Rs 600 crore ($70 million in commitments for its maiden special situations fund.