360 ONE WAM, India’s premier wealth manager for ultra-high-net-worth individuals and families, has entered into a Definitive Agreement to acquire Times Internet-incubated Wealth-focused fintech ET Money.
ET Money
ET Money is India’s largest non-brokerage Digital Platform for Direct Mutual Funds and also the biggest SEBI-registered Investment Advisor by number of clients. Subject to regulatory approvals, 360 ONE WAM will acquire 100% of ET Money via a stock swap and cash deal. Times Internet will remain invested by owning a stake in the listed entity, 360 ONE WAM.
360 ONE WAM is one of India’s largest wealth and alternates-focused asset management firms. It is the investment and financial advisor to 7200+ relevant families in the High Net Worth Individual (HNI) and Ultra HNI segments with aggregate assets of around Rs. 4,67,000 crores* (USD 56.3 bn) under management.
The acquisition will aid 360 WAM in completing the flywheel across client segments and reinforcing its position as India’s premier wealth manager. 360 ONE has recently launched its HNI and Global offerings in addition to the existing core UHNI Wealth business.
Karan Bhagat, Founder & CEO of 360 ONE WAM, said, “As we move forward, 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.”
ET Money serves an emerging and growing segment of mass affluent Indians that is driving the growth of the Mutual Fund industry and WealthTech overall. ET Money has over 9 lakh transacting clients, with more than 1 lakh revenue-generating users. The platform tracks a total AUM of approximately Rs. 70,000 crores, with Rs. 28,000 crores invested through it. Each month, ET Money sees gross sales exceeding Rs. 1,200 crores and mutual fund net flows of nearly Rs. 750 crores. It also drives upwards of Rs. 450 cr. of SIP every month. ET Money Genius, the platform’s unique investment advisory service, has grown rapidly, reaching an AUA of Rs. 1,200 crores.
With growing assets, India’s mass affluent investors’ needs are also evolving to demand more personalized advisory. These investors also prefer to manage all their money in one place, allowing ET Money to cater to their varied needs with wealth solutions like NPS, Fixed Deposits, P2P investments, and annuity products.
Satyan Gajwani, Vice Chairman, Times Internet, said, “We are incredibly proud of ET Money’s achievements, and we are sure it will reach further heights with 360 ONE, where we will be shareholders.”
ET Money will continue to operate independently as a 100% subsidiary of 360 ONE WAM. Both companies would work to unlock ET Moneys full growth potential by making 360 ONE WAMs brokerage, customized wealth management solutions, and secured lending products accessible on the ET Money app.
“We have had a shared vision with Times Internet and now with 360 ONE WAM to align our businesses deeply with our investors investment outcomes and thereby create trusted relationships. We are excited about the possibility of leveraging 360 ONE WAMs expertise and ecosystem built for the high-income segment and democratizing access to premium wealth products and solutions to every Indian,” said Mukesh Kalra, CEO of ET Money.
*As on March 31, 2024.
amir aftab