In a strategic move to enhance its position as a premier wealth manager in India, 360 One WAM, formerly known as IIFL Wealth Management, has announced the acquisition of ET Money from Times Internet.
The acquisition amount is approximately INR 366 crore (~$44 million). The transaction comprises a cash payment of INR 85.83 crore and the issuance of 35,90,000 fully paid-up equity shares.
The acquisition includes two key entities under ET Money – Banayantree Services Pvt Ltd and Moneygoals Solutions Pvt Ltd.
This deal, currently pending regulatory approval, aims to strengthen 360 One WAM’s comprehensive financial services offering.
ET Money, founded in 2014 by Mukesh Kalra and Santosh Navlani, has evolved significantly since its inception.
Initially acquired by Times Internet as moneysights, the platform was later rebranded as SmartSpends and subsequently as ET Money in 2016.
The platform now serves over 9 lakh transacting clients, with more than 1 lakh revenue-generating users.
It oversees an overall Asset Under Management (AUM) of INR 70,000 crore, including INR 28,000 crore invested through its platform, predominantly in mutual funds.
ET Money’s diverse offerings include a stock broking platform and a subscription-based advisory service known as ET Money Genius, which boasts over 75,000 active paying clients and an AUM of INR 1,200 crore.
360 One WAM, the wealth management division of 360 ONE, adds this acquisition to its portfolio as it continues to expand its footprint in the financial services sector.
The parent company, 360 ONE, is also a notable investor in several high-profile startups, including BYJU’S, Swiggy, Policybazaar, Licious, and Nykaa.
This acquisition aligns with 360 One WAM’s strategy to provide holistic wealth management solutions and reinforces its commitment to leveraging technology for enhanced financial services delivery.
