360 One acquires mutual fund app ET Money from Times Internet for Rs 366 crore

360 One Wealth and Asset Management, formerly known as IIFL Wealth, has agreed to acquire the wealth tech platform ET Money for a total consideration of Rs 365.8 crore.

According to a stock exchange filing on Wednesday, 360 One will pay Times Internet Rs 85.8 crore in cash, while the remaining amount will be settled through the issuance of 3.5 million stocks at Rs 779.93 per share.

Times Internet to receive a stake in 360 One Wealth

Times Internet, the parent company of ET Money, will receive a stake in 360 One Wealth and Asset Management. This stake will allow Times Internet to remain invested in the wealth management space.

"360 One and ET Money will now be able to leverage the product suite, domain understanding of the business, portfolio advisory solutions, brokerage services, and credit solutions to a large user base. The acquisition is expected to result in a strong and faster path of monetisation for ET Money across both users as well as product offerings," said Karan Bhagat, CEO of 360 One WAM.

Catering to UHNIs

ET Money, which will become a step-down subsidiary of 360 One, mostly caters to ultra-high-net-worth individuals. The acquisition will help 360 One expand its reach into the broader wealth management market that ET Money serves.

The TIL-owned wealth tech platform boasts over 9 lakh transacting users and more than 1 lakh revenue-generating users. 

ET Money growth

ET Money manages nearly Rs 28,000 crore in assets on its platform, including over Rs 25,000 crore in mutual funds.

It tracks overall assets under management of approximately Rs 70,000 crore, with gross monthly sales exceeding Rs 1,200 crore. The platform competes with companies like Groww, Zerodha's Coin, and Paytm Money. Its investment advisory service, ET Money Genius, has over 76,000 active paying clients with an AUM of Rs 1,200 crore. 

360 One will take over two entities: Moneygoals Solutions Limited (ET Money) and Banayantree Services Limited (ET Money Genius).

The deal is expected to create significant synergies, leveraging combined product offerings and expertise. 360 One WAM, which manages assets worth approximately Rs 4.67 lakh crore for over 7,200 high-net-worth and ultra-high-net-worth individuals, aims to use this acquisition to enhance its client segment coverage and reinforce its position as a leading wealth management firm in India.