Wealth and alternates-focused firm 360 One (formerly IIFL Wealth) has acquired Times Internet-owned wealth management platform ET Money for about Rs 365.8 crore ($44 million).
360 One will take over two entities Moneygoals Solutions Limited (ET Money) and Banayantree Services Limited (ET Money Genius).
While ET Money provides business advisory, product management and other business support services, ET Money Genius distributes financial products like FD, NPS, Insurance, P2P lending and advisory.
For the fiscal year ending in March 2024, ET Money and ET Money Genius had a turnover of Rs 2 crore and Rs 28.7 crore, respectively.
ET MONEY claims that it has over 9 lakh transacting clients with more than 1 lakh revenue-generating users.
Wealth and alternates-focused firm 360 One (formerly IIFL Wealth) has acquired Times Internet-owned wealth management platform ET Money for about Rs 365.8 crore ($44 million).
360 One has paid Rs 85.83 crore as cash consideration while the rest of the payment was done through the issue of 35,90,000 fully paid-up equity shares, the filings accessed from National Stock Exchange shows.
The proposed acquisition shall require prior approval of the Securities and Exchange Board of India, stock exchanges, and the apex banking body Reserve Bank of India, the filings further added.
360 One will take over two entities Moneygoals Solutions Limited (ET Money) and Banayantree Services Limited (ET Money Genius). While ET Money provides business advisory, product management and other business support services, ET Money Genius distributes financial products like FD, NPS, Insurance, P2P lending and advisory.
For the fiscal year ending in March 2024, ET Money and ET Money Genius had a turnover of Rs 2 crore and Rs 28.7 crore, respectively.
ET MONEY claims that it has over 9 lakh transacting clients with more than 1 lakh revenue-generating users. The platform claims to have a gross monthly sales of over Rs 1,200 crore with SIPs amounting to Rs 450 crore and mutual fund net flows of nearly Rs 750 crore. Its investment advisory service ET MONEY Genius has more than 76,000 active paying advisory clients with an AUM of Rs 1,200 crore.
It competes with Groww, Zerodha, and Paytm Money, among others.
ETMoney has become the seventh subsidiary from which Times Internet took an exit in the past three years. Recently, Amazon acquired assets of MX Players from Times Internet. In February 2022, The Gurugram-based company sold MX Takatak to ShareChat while DineOut was acquired by Swiggy in May 2022. E-commerce roll-up unicorn Mensa acquired MensXP, iDiva, and Hypp from Times Internet in December 2022.
