m.Stock
m.Stock is an India-focused online stock broking platform by Mirae Asset Capital Markets (India) Private Limited, serving retail investors and traders with a mobile-first app offering equities, F&O, mutual funds, ETFs, IPOs, and margin trading at flat ₹10 per order.
- Company typePrivate
- Founded2017
- HeadquartersMumbai, India
- Headcount251–500
- GTM typeB2C
- OfferingSoftware
What m.Stock does
m.Stock is the online retail stock broking brand of Mirae Asset Capital Markets (India) Private Limited, a wholly-owned subsidiary of South Korea's Mirae Asset Financial Group, incorporated in India in October 2017 and headquartered in Mumbai. The company operates a mobile-first trading platform enabling Indian retail investors and traders to open demat accounts digitally in under five minutes and trade across equity delivery and intraday, futures and options, currency derivatives, mutual funds, ETFs, and IPOs. Underlying infrastructure includes native mobile apps on iOS and Android, a browser-based web trading platform, a zero-cost Trading and Data API supporting unlimited GET requests per day, TradingView-integrated charting with 80+ indicators, an MCP-based AI assistant, and educational content delivered through the m.Learn sub-brand.
The product portfolio combines execution tools (1-click basket orders, GTT, advanced option chain with multi-leg strategy builder, OI alerts, F&O Watch) with margin products including Pay Later MTF funding from 8.99% p.a. on 1,100+ stocks and Pledge Shares offering up to 87.50% collateral margin with ₹0 pledge creation charges. Distribution spans direct-to-consumer mobile and web onboarding, a Mirae Asset Partners channel program, app store presence, and offline TradeIQ seminars across Indian cities. The platform reports 25 lakh+ registered users, 111 crore+ cumulative trades facilitated, peak capacity of 7,467 trades/min, and a 4.1 user rating across 1,800+ app reviews.
The business model is primarily transaction-based with flat ₹10 per order brokerage across all segments (equity delivery, intraday, futures, options), supplemented by MTF interest income at 8.99% p.a., DP charges (₹18 per debit transaction), and pledge-related fees. Account opening, AMC, platform fees, and call-and-trade are zero, and mutual fund distribution carries 0% commission, functioning as a freemium acquisition channel. The platform holds comprehensive Indian securities regulatory coverage including SEBI Stock Broker (INZ000163138), Merchant Banking, Research Analyst, DP, and AMFI MFD registrations, with memberships across NSE, BSE, MCX, and CDSL.
m.Stock firmographics
Firmographics- Name
- m.Stock
- Legal name
- Mirae Asset Capital Markets (India) Private Limited
- Website
- https://mstock.com
- Company type
- Private
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- m.Stock is an India-focused online stock broking platform by Mirae Asset Capital Markets (India) Private Limited, serving retail investors and traders with a mobile-first app offering equities, F&O, mutual funds, ETFs, IPOs, and margin trading at flat ₹10 per order.
- Ownership category
- akta.pro rank
m.Stock industry classification
Industry- Product category
- Online Stock Broking
- NAICS
- Investment Banking and Securities Intermediation (523150), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)
- SIC
- Security Brokers, Dealers & Flotation Companies (6211), Commodity Contracts Brokers & Dealers (6221)
- akta.pro primary industry
- Alternatives & Multi-Asset Digital Wealth Platforms (PE/VC/Real Assets access) (FSAGAEAL)
Keywords
Where m.Stock is headquartered
LocationHeadquarters
- HQ city
- Mumbai
- HQ country
- India
- HQ region
- Asia
Offices1 record
Markets served
m.Stock business model
Business model- GTM type
- B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Marketing or Sales, Operations, Infrastructure
Revenue model
- Brokerage Fees: Flat ₹10 per order brokerage charged across all segments (Equity Delivery, Intraday, Futures, Options). Primary revenue driver for retail stock trading services.
- MTF Interest Income: Margin Trading Facility interest at 8.99% p.a. (0.0274% per day) on funded positions. Major revenue stream from leverage products.
- DP (Depository Participant) Charges: ₹18 per debit transaction plus GST charged for sell transactions when securities are debited from Demat account.
- Pledge Charges: ₹32 per PSN (Pledge Sequence Number) per day plus GST for pledge creation and closure on MTF. Pledge shares for margin trading at 0.0274% per day.
- Mutual Fund Distribution: 0% commission on direct mutual fund plans - no direct revenue but drives customer acquisition and AUM growth under Mirae Asset ecosystem.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Standard Trading Plan - Flat ₹10/order across all segments |
| Usage-based | Pay-as-you-go | MTF (Margin Trading Facility) - Interest-based leverage product |
| Usage-based | Pay-as-you-go | Pledge Shares - Margin against holdings |
| Freemium | Monthly | Promotional - ZERO Brokerage for first 30 days |
Go-to-market motion4 records
Distribution channels5 records
Marketing channels7 records
m.Stock product offering
Product offeringCore offering
m.Stock is a retail online stock broking platform operated by Mirae Asset Capital Markets (India) Private Limited, providing Indian investors with a mobile and web-based interface to trade and invest in equities, futures and options, currency derivatives, ETFs, IPOs, and mutual funds. It also offers a Margin Trading Facility (Pay Later/MTF), programmatic trading APIs, and an AI-assisted MCP copilot.
Product overview
m.Stock is a comprehensive digital stock broking platform by Mirae Asset Capital Markets (India) Private Limited, offering a unified ecosystem for retail investors and traders in India. The platform architecture consists of three primary trading interfaces: the Mobile Trading App (iOS/Android), Web Trading Platform, and Trading API. The product portfolio spans core investment products including Equity Trading, Mutual Funds (with 40+ AMCs and 3,500+ schemes), Futures & Options, ETFs, IPOs, Currency Trading, and advanced margin facilities like Pay Later (MTF) and Pledge Shares. Advanced trading tools include Watchlist PRO, Options Strategy Builder, Basket Orders, F&O Watch, OI Alerts, and Smart Advisory Portfolios. The platform integrates TradingView for charting, offers an MCP AI Assistant for conversational trading, and provides educational resources through m.Learn. Priced at flat ₹10/order brokerage with ₹0 account opening fee, AMC, and platform charges, positioning as a zero-brokerage competitor in the Indian retail broking market.
Differentiator
Problem solved
Functional benefit
Brands
- m.Learn: An educational platform by m.Stock providing stock market basics, trends, insights, and expert strategies through blogs, podcasts, course modules, and events.
Products and services
- m.Stock Trading App
Quantifiable outcome
- ₹2,52,000 annual brokerage savings for a trader placing 10 trades/day (based on calculator)
- +3 more outcomes
Companies that use m.Stock
Customer profileNamed customers4 records
Segments5 records
Ideal customer profiles3 records
m.Stock technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration4 records
AI capability2 records
Feature12 records
m.Stock partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered core and minor.
- TradingViewcoreCharting and market data integration partner enabling TradingView charts with 80+ indicators on m.Stock platform for technical analysis and trade-from-chart functionality.
- BSE (Bombay Stock Exchange)coreRegistered stock broker with BSE Cash Segment (Clearing Member ID: 6681) and BSE Star MF Segment (Membership No: 53975).
- NSE (National Stock Exchange)coreRegistered stock broker member of NSE Cash, F&O and CD Segments (Member ID: 90144) for exchange connectivity and trade execution.
- CDSL (Central Depository Services)coreDepository participant (CDSL DP ID: 12092900) for demat account services and securities custody.
- NAVERminorStrategic business alliance formed in July 2017 through memorandum of understanding for potential fintech collaboration. NAVER is a major Korean internet platform.
- Mirae Asset Investment ManagerscoreAffiliate offering investment management expertise and exclusive podcast content featuring fund manager insights for m.Learn educational platform.
- Mutual Fund AMCs (40+ including Mirae Asset, HDFC, Tata, SBI, LIC, Quant)coreDistribution partnerships with over 40 asset management companies enabling access to 3,500+ direct mutual fund schemes on the platform. AMCs include Mirae Asset, HDFC, Tata, SBI, LIC, Quant and others.
Scale indicators9 records
Recent moves7 records
Expansion highlights6 records
m.Stock competitors and assessment
Company assessmentEmerging players
- Paytm Money: Fintech-led Indian investment platform offering stocks, mutual funds, and IPOs with mobile-first UX. Emerging competitor targeting similar retail onboarding as m.Stock but with broader digital payments ecosystem distribution.
Direct peers
- Upstox: India-focused discount broker offering flat-fee equity, F&O, and mutual fund investing via mobile and web. Direct competitor targeting the same active trader and retail investor segments as m.Stock.
- Zerodha: Largest Indian discount broker offering flat-fee trading across equity, F&O, mutual funds, and IPOs. Direct competitor to m.Stock with overlapping product set and similar target market of retail traders and investors.
- Groww: Leading Indian discount broking platform with mobile-first Demat account opening, stocks, mutual funds, and F&O. Competes head-to-head with m.Stock in retail onboarding and zero-brokerage positioning.
- Angel One: Full-service-to-discount Indian broker with mobile-first trading across equity, F&O, commodities, and mutual funds. Competes directly with m.Stock on pricing and product breadth for retail traders.
- 5paisa: Discount broking platform offering flat-fee trading, mutual funds, and IPOs in India. Targets the same cost-sensitive retail and active trader customer base as m.Stock.
Broad incumbents
- HDFC Securities: Incumbent Indian broker offering trading and investment services with full-service and discount brokerage arms. Overlaps with m.Stock in retail trading, mutual funds, and IPO distribution.
- Motilal Oswal Financial Services: Established Indian financial services firm with broking, mutual funds, and wealth management. Competes with m.Stock across trading and advisory, with notable overlap in senior leadership pedigree (m.Stock CBO previously led online business at Motilal Oswal).
- ICICI Direct: Incumbent Indian full-service broker offering stocks, F&O, mutual funds, and IPOs with broader banking-ecosystem distribution. Competes with m.Stock across trading and investment products but with a legacy percentage-fee model.
- Kotak Securities: Full-service Indian broker offering equities, derivatives, mutual funds, and IPOs. Competes with m.Stock but operates a legacy percentage-brokerage model with broader banking-ecosystem cross-sell.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
m.Stock social profiles
Digital presencem.Stock compliance and trust
Trust signalCompliance5 records
m.Stock financial estimates
Financial estimateRevenue estimate
Valuation estimate
m.Stock leadership team
Management profileNumber of profiles
Profiles6 records
m.Stock funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
m.Stock M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about m.Stock
What does m.Stock do?
m.Stock is a retail online stock broking platform operated by Mirae Asset Capital Markets (India) Private Limited, providing Indian investors with a mobile and web-based interface to trade and invest in equities, futures and options, currency derivatives, ETFs, IPOs, and mutual funds. It also offers a Margin Trading Facility (Pay Later/MTF), programmatic trading APIs, and an AI-assisted MCP copilot.
Is m.Stock a public or private company?
m.Stock is a private company. It is classified as corporate owned and is currently operating.
When was m.Stock founded?
m.Stock was founded in 2017. It employs 251 to 500 people.
Where is m.Stock based?
m.Stock is headquartered in Mumbai, India, in the Asia region.
How does m.Stock make money?
Five revenue lines are on record. Brokerage Fees are the primary driver. The others are MTF Interest Income, DP (Depository Participant) Charges, pledge Charges and mutual Fund Distribution.
Who are m.Stock's main competitors?
Paytm Money is listed as an emerging player. Direct peers are Upstox, Zerodha, Groww, Angel One and 5paisa. Broad incumbents are HDFC Securities, Motilal Oswal Financial Services, ICICI Direct and Kotak Securities.
Does m.Stock have an API?
Yes. ZERO cost Trading & Data APIs enabling developers to automate trades with unlimited GET requests and orders per day. The platform also offers m.Stock MCP (Model Context Protocol) for AI assistant integration. Developer documentation is at www.mstock.com/trading-api.
What industry is m.Stock in?
m.Stock's product category is Online Stock Broking. Its primary akta.pro industry code is FSAGAEAL, Alternatives & Multi-Asset Digital Wealth Platforms (PE/VC/Real Assets access). Its NAICS code is 523150 and its SIC code is 6211.