With a price tag of approximately Rs 365.8 crore ($44 million), the wealth and alternates-focused company 360 One (formerly IIFL Wealth) has purchased ET Money, a wealth management platform owned by Times Internet.
According to documents obtained from the National Stock Exchange, 360 One has paid Rs 85.83 crore in cash consideration; the remaining amount was paid by issuing 35,90,000 fully paid-up equity shares.
The filings also stated that the Securities and Exchange Board of India, stock exchanges, and the Reserve Bank of India—the country’s top banking authority—must all give their prior approval before the proposed acquisition happens.
Two companies, Banayantree Services Limited (ET Money Genius) and Moneygoals Solutions Limited (ET Money), will be acquired by 360 One. ET Money Genius distributes financial products such as FD, NPS, insurance, P2P lending, and advisory, while ET Money offers product management, business advisory, and other business support services.
ET Money and ET Money Genius reported respective revenues of Rs 2 crore and Rs 28.7 crore for the fiscal year that concluded in March 2024.
According to ET MONEY, it has more than 1 lakh users who generate revenue out of over 9 lakh transacting clients. The platform states that it has gross monthly sales of more than Rs 1,200 crore, net flows from mutual funds of almost Rs 750 crore, and SIPs totaling Rs 450 crore.
With an AUM of Rs 1,200 crore, its investment advisory service ET MONEY Genius has more than 76,000 active paying advisory clients.
Among its rivals are Groww, Zerodha, and Paytm Money.
Times Internet has exited seven subsidiaries in the last three years, the latest being ETMoney. Times Internet recently sold its MX Players assets to Amazon. The Gurugram-based business sold MX Takatak to ShareChat in February 2022, and Swiggy bought DineOut in May of the same year. Online shopping roll-up unicorn In December 2022, Mensa purchased iDiva, MensXP, and Hypp from Times Internet.
