360 One Wealth and Asset Management, formerly known as IIFL Wealth, has finalized the acquisition of ET Money, a prominent wealth tech platform, for a total consideration of Rs 365.8 crore. The transaction, disclosed through a stock exchange filing, involves an Rs 85.8 crore cash payment to Times Internet, the parent company of ET Money, along with the issuance of 3.5 million stocks of the Mumbai-based wealth management firm at Rs 779.93 per share.
This acquisition marks a significant step for 360 One into the broader wealth management market, previously dominated by ET Money’s expansive user base and comprehensive suite of financial products.
ET Money, renowned for its robust portfolio advisory solutions, brokerage services, and credit offerings, serves over 9 lakh transacting users, with more than 1 lakh users generating revenue. The platform boasts assets under management totaling nearly Rs 70,000 crore, with Rs 25,000 crore invested in mutual funds alone.
Karan Bhagat, founder and CEO of 360 One WAM, expressed optimism about the acquisition’s potential, stating, “360 One and ET Money will now be able to leverage the product suite, domain understanding of the business, and scale to accelerate monetization across our combined user base and product offerings.”
Following the acquisition, ET Money will operate as a step-down subsidiary of 360 One, catering predominantly to ultra high net worth individuals, complementing 360 One’s existing clientele of more than 7,200 high net worth individuals with aggregate assets under management of approximately Rs 4.67 lakh crore.
Mukesh Kalra, CEO of ET Money, emphasized the shared vision between the two entities, stating, “We have a shared vision with 360 One WAM to align our businesses deeply with our client’s investment outcomes, creating trusted relationships.”
The acquisition positions 360 One as a formidable player in India’s wealth management landscape, poised to democratize access to premium wealth products and solutions, while leveraging ET Money’s established market presence and technological expertise.