Ashika Group

What Ashika Group does

Ashika Group is a diversified Indian financial services conglomerate founded in 1994 in Kolkata by Chartered Accountants Pawan Jain (Harvard Business School alumnus) and Daulat Jain. It operates through multiple wholly-owned subsidiaries: Ashika Stock Services Ltd (retail broking via the Dhanush mobile app, plus institutional broking), Ashika Capital Ltd (merchant banking, SEBI INM000010536), Credit Capital Ltd / ACCL (RBI-registered NBFC, listed on BSE), Ashika Investment Managers Pvt. Ltd. (Category III AIFs — India Alpha, India Select, and the newly launched SmartAlpha Fund), and Ashika Global Family Office Services Pvt. Ltd. The group is multi-licensed across SEBI (stock broking, merchant banking, research analysis, depository participant via CDSL/NSDL), RBI (NBFC), AMFI (mutual fund distribution, ARN 12417), and APMI (PMS distribution), with execution connectivity to NSE, BSE, MCX, NCDEX, MSEI and ICEX.

The platform serves a hybrid customer base: 125,000+ retail/HNI clients through Dhanush and a 350+ broking-partner network, 100+ institutional clients (FIIs, DIIs, mutual funds, pension funds, insurance), elite global family offices with ticket sizes above INR 100 Crores, and corporate clients across FinTech, HealthTech, FMCG, ConsumerTech, Real Estate and BFSI. Product surface spans equity/derivative/commodity/currency broking, bespoke institutional research, investment banking (USD 2 billion+ in transactions over 5 years and 300+ advisory mandates), AIF management, research subscriptions, wealth management ($200M+ AUA), private equity, and NBFC lending. Technology stack combines the Dhanush mobile and web trading platform with TradingView charting, Vested Finance for US stock access, WhatsApp-based fraud alerts, and DigiLocker for KYC.

Ashika generates revenue primarily through retail transaction brokerage, institutional execution commissions, investment banking advisory fees, recurring AIF/PMS management and performance fees, NBFC fund-based interest income, and family office wealth management fees. It is a founder-owned conglomerate with the Jain family maintaining operational control across key managerial positions; two listed entities (Ashika Stock Services Ltd and Credit Capital Ltd) trade on BSE under ticker 590122. Most recently (Dec 2025 – Jan 2026), the firm has broadened its addressable market by securing SEBI in-principle approval to launch a mutual fund and launching the SmartAlpha Fund.

Name

Ashika Group

Legal name

Ashika Stock Services Ltd

Website

https://ashikagroup.com

Company type

Private

Founded year

1994

Operating status

Operating

Headcount range

251–500 employees

Short description

Ashika Group is a Kolkata-founded, diversified Indian financial services conglomerate offering retail and institutional broking, investment banking, AIFs, mutual fund (pending), family office wealth management, and NBFC lending across multiple SEBI/RBI-licensed subsidiaries.

Ownership category

akta.pro rank

Product category

Diversified Financial Services

NAICS

Portfolio Management and Investment Advice (523940), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), All Other Financial Investment Activities (52399)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Investment Advice (6282)

akta.pro primary industry

Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory) (BPAHAOAL)

akta.pro secondary industries

Registered Investment Advisor (RIA) Wealth Management (FSAEABAA), Managed Platforms & Wrap Programs for Private Clients (Model Portfolios, UMA/SMAs) (FSAAABAM)

Keywords

• Retail stock broking
• Institutional equity broking
• Investment banking advisory
• Alternative investment funds
• Global family office services

Headquarters

HQ city

Kolkata

HQ country

India

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Retail Broking Services: Stock broking services for retail investors and HNIs across multiple asset classes including equities, derivatives, commodities, and mutual funds. Revenue generated through transaction fees, brokerage commissions, and margin financing.
2. Institutional Broking: Bespoke institutional broking and research services for FIIs, DIIs, mutual funds, pension funds, insurance companies, and alternate investment funds. Revenue from institutional brokerage commissions and research services fees.
3. Investment Banking: Capital raising (debt/equity), strategic advisory, valuations, open-offer advisory, and right issues. Facilitated transactions exceeding USD 2 billion over 5 years with 300+ advisory services.
4. Alternative Investment Funds (AIF): Management of Category III AIF products including Ashika India Alpha Fund and Ashika India Select Fund, generating management fees and performance incentives.
5. NBFC Lending Operations (ACCL): Fund-based activities including providing loans and advances, inter-corporate deposits, and investments in securities through listed NBFC entity.
6. Global Family Office Services: Wealth management services for elite global family offices with ticket sizes above INR 100 Crores, managing assets across asset classes.
7. Research Advisory: Market research reports, trend forecasts, and strategic investment recommendations distributed to clients.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels6 records

Core offering

Ashika Group is a diversified financial services conglomerate offering retail stock broking through its Dhanush mobile and web platform, institutional broking and equity research for FIIs and DIIs, boutique investment banking for capital raising and strategic advisory, Category III Alternative Investment Funds (Ashika India Alpha Fund, Ashika India Select Fund, and the newly launched SmartAlpha Fund), global family office wealth management for ultra-HNIs, and fund-based NBFC lending through its listed subsidiary Credit Capital Ltd (ACCL). All operations are delivered across Indian exchanges (NSE, BSE, MCX, NCDEX, MSEI, ICEX) under multiple SEBI, RBI, and AMFI registrations.

Product overview

Ashika Group is a diversified financial services conglomerate offering a comprehensive platform of wealth and capital market services. The core offerings include: Dhanush (retail broking mobile platform), Institutional Broking (for FIIs/DIIs), Global Family Office Services, Investment Banking, Alternative Investment Funds (AIF) including SmartAlpha Fund, India Alpha Fund, and India Select Fund, Research Advisory, and NBFC services through listed entity ACCL. The group also provides Private Equity and Lending services. All offerings are integrated under Ashika Stock Services Ltd for retail operations and supported by regulatory registrations across SEBI, RBI, AMFI, and major Indian exchanges (NSE, BSE, CDSL, NSDL, MCX, NCDEX).

Differentiator

Problem solved

Functional benefit

Brands

• Dhanush: Retail broking platform of Ashika Stock Services Ltd offering mobile trading app for investors to trade across multiple asset classes.
• SmartAlpha Fund
• Ashika India Alpha Fund
• Ashika India Select Fund

Products and services

• Dhanush Retail Broking Platform Retail stock broking mobile and web platform of Ashika Stock Services Ltd enabling seamless investing across multiple asset classes including equities, derivatives, commodities, and mutual funds, with integrated research reports, technical recommendations, and self-serve account opening for retail investors and HNIs.
• Institutional Broking Bespoke institutional broking and research services for foreign and domestic institutional investors including FIIs and DIIs, mutual funds, pension funds, insurance companies, and alternate investment funds, backed by data-driven insights, seasoned institutional dealing teams, and multi-exchange execution across NSE, BSE, MCX, NCDEX, MSEI, and ICEX.
• Global Family Office Services Wealth management and investment advisory service for elite global family offices with ticket sizes above INR 100 Crores, providing entry and switch opportunities across asset classes and product categories with global and Indian market perspectives through a trust-driven relationship management model.
• Investment Banking Advisory Boutique investment banking services delivered by Ashika Capital Ltd (SEBI Merchant Banker INM000010536), helping new-age companies raise debt and equity capital and facilitating strategic transactions across FinTech, HealthTech, FMCG, ConsumerTech, Real Estate, and BFSI sectors; offerings include valuations, open-offer advisory, rights issues, and M&A advisory.
• SmartAlpha Fund Category III Alternative Investment Fund managed by Ashika Investment Managers that uses a proprietary quantitative 'Six Bucket Approach' blending fundamental analysis with systematic signals to identify market opportunities across Indian equities.
• Ashika India Alpha Fund Category III AIF scheme managed by Ashika Investment Managers targeting risk-adjusted returns over the medium and long term through a long-only or long-biased equity strategy across sector and market cap agnostic portfolios of India-domiciled issuers.
• Ashika India Select Fund Category III AIF scheme managed by Ashika Investment Managers targeting risk-adjusted returns through equity and equity-related securities of India-domiciled issuers on a sector and market cap agnostic basis.
• Research Desk Advisory In-depth equity research service providing bespoke reports, trend forecasts, fundamental analysis, technical recommendations, IPO and buyback research, and strategic investment recommendations using advanced data analytics and global market expertise for institutional and retail clients.
• NBFC Lending Operations (ACCL – Credit Capital Ltd) RBI-registered NBFC (registration 05.2892) and BSE-listed entity (CIN L67120WB1994PLC062159) engaged in fund-based activities including providing loans and advances, inter-corporate deposits, and investments in securities for businesses.
• Private Equity Services Private equity investment services operated under the Ashika Private Equity brand, extending the group's activity across the private capital lifecycle beyond public markets and listed equities.

Quantifiable outcome

• Served 125,000+ clients across all business segments
• +4 more outcomes

Named customers15 records

Segments6 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature4 records

Partnerships

Five partnerships are on record, tiered core, strategic and minor.

• TradingViewcoreTechnology or IntegrationAshika Stock Services Ltd partnered with TradingView for charting technology integration. TradingView provides global market data, analytical tools, screener, and economic calendar capabilities, enhancing the trading experience for Ashika's retail and institutional clients.
• Vested FinancecoreTechnology or IntegrationPartnership enables Indian investors to invest in US stocks through Ashika's platform. Vested Finance provides the infrastructure for international investing with features like fractional shares, no minimum balance requirement, anytime withdrawal, and fast sign-up procedures.
• Big Idea VenturesstrategicStrategic or Co-development PartnerPartnership to launch India's First Alt Protein Fund & Accelerator focused on supporting India's alternative protein ecosystem. Supported by Good Food Institute India (GFI India), a nonprofit supporting plant-based, cultivated, and fermented alternative protein innovation.
• Rebel FoodsminorStrategic or Co-development PartnerAshika Capital was engaged as partner for growth expansion, facilitating multiple interactions with stakeholders to create a funnel of companies for licensing and investment evaluation.
• Good Food Institute India (GFI India)strategicStrategic or Co-development PartnerNonprofit organization supporting alternative protein innovation partnered with Ashika Group and Big Idea Ventures for the Alt Protein Fund & Accelerator initiative.

Scale indicators10 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Motilal Oswal Financial Services: Indian diversified financial services firm combining retail broking, institutional equities, wealth management, AIF, investment banking, and home finance. Closest like-for-like comparable to Ashika's multi-vertical structure, with greater scale.
• Choice Broking: Indian mid-tier broker offering retail broking, institutional research, depository, and investment banking services. Direct mid-market competitor to Ashika in broking and IB.
• JM Financial: Indian diversified financial services group with strong investment banking, institutional broking, wealth management, AIF, and NBFC arms. Comparable vertically integrated franchise at a slightly larger scale.
• Anand Rathi Financial Services: Diversified Indian financial group offering broking, wealth management, investment banking, and AIFs. Mid-tier full-service competitor to Ashika with overlapping institutional and family-office offerings.
• IIFL Securities: Listed Indian financial services player with parallel verticals: retail broking, institutional broking, investment banking, wealth/AIF, and NBFC lending (through IIFL group). Directly comparable business model and product mix.
• Nirmal Bang Institutional Equities: Indian full-service broker and institutional equities franchise where Ashika's new CEO Rahul Arora previously spent 15+ years as CEO. Comparable in retail + institutional broking, research, and investment banking focus.

Peers

• Sharekhan (BNP Paribas subsidiary):

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/AshikaGroup
• Facebookfacebook.com/AshikaGroup
• LinkedInlinkedin.com/company/ashika-group-306784111

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ashika Group