Major Move in Wealth Management: 360 One’s acquisition of ET Money represents a significant step in expanding its services to a broader audience while maintaining its stronghold in the ultra-high-net-worth segment.
360 One WAM, India’s largest wealth manager for ultra-high-net-worth individuals, has announced its acquisition of ET Money, a popular Indian mutual fund investment app, for approximately $44 million. This strategic move, disclosed in a stock exchange filing, marks 360 One’s entry into the rapidly growing wealth tech space, broadening its reach beyond its traditional high-net-worth clientele.
ET Money’s Impressive Client Base
A Popular Choice Among Retail Investors
ET Money, which is part of Times Internet’s portfolio, has gained significant traction with over 900,000 transacting clients and assets under management totaling about $8.3 billion. The platform is favored by retail investors, boasting monthly mutual fund net flows of around $89.9 million. This acquisition is set to enhance 360 One’s capabilities by tapping into ET Money’s extensive user base and advanced tech solutions.
Enhancing Product Offerings and Expertise
Leveraging Combined Strengths
The acquisition will allow 360 One and ET Money to leverage their combined product suites, domain expertise, and advisory solutions to attract a larger user base. According to the stock exchange filing, the merged entity aims to provide enhanced financial services and products, benefiting from 360 One’s in-house product suite, broking services, and lending capabilities.
Insights from Market Analysts
A Complementary Partnership
Kotak analysts noted that ET Money likely generates a significant portion of its revenue from its fee-paying advisory service, which has 76,000 active clients managing Rs12 billion in assets. They believe that ET Money’s business and client base have minimal overlap with 360 One, suggesting that ET Money will continue to operate as a separate vertical within the larger organization. This separation is expected to optimize the combined business’s overall performance and customer reach.
A Series of Strategic Acquisitions
Times Internet’s Recent Moves
ET Money is the second startup from Times Internet’s portfolio to be sold in recent weeks. Amazon recently acquired assets of the on-demand streaming service MX Player from Times Internet for less than $100 million. These strategic sales indicate Times Internet’s focus on refining its portfolio and capitalizing on high-value assets.
Key Facts
Here is the organization profile in a simple table format:
| Key Facts | Details |
|---|---|
| Name | 360 One WAM |
| Sector | Wealth Management |
| Founded | 2008 |
| Headquarters | Mumbai, India |
| Clientele | Ultra-high-net-worth individuals |
| Recent Acquisition | ET Money |
| Acquisition Cost | $44 million |
| Client Base | 900,000 transacting clients |
| Assets Under Management | $8.3 billion |
| Monthly Mutual Fund Net Flows | $89.9 million |
| Revenue Source | Fee-paying advisory service |
| Parent Company | Times Internet |
| Recent Parent Company Activity | Sold MX Player to Amazon |
AI Reporter
