360 One Acquires ET Money for $44M

In a strategic move signaling its expansion into the burgeoning wealth tech sector, 360 One WAM, India’s premier wealth manager catering to ultra-high-net-worth individuals, has inked a deal to acquire the widely-used Indian mutual fund investment app, ET Money, for approximately $44 million. This acquisition, disclosed in a stock exchange filing on Wednesday evening, underscores 360 One's commitment to bolstering its foothold in India's dynamic financial landscape.

ET Money, boasting a robust user base of over 900,000 transacting clients and tracking assets under management totaling approximately $8.3 billion, has emerged as a go-to platform for retail investors seeking intuitive investment solutions. With monthly mutual fund net flows averaging around $89.9 million, ET Money has demonstrated its resonance among Indian investors.

Notably, this acquisition marks the second successful exit from Times Internet's portfolio, following Amazon's recent acquisition of assets from on-demand streaming service MX Player for an undisclosed sum.

360 One's strategic move into the wealth tech arena is poised to enhance its existing suite of offerings for high-net-worth and ultra-high-net-worth clients. By integrating ET Money's innovative platform and expertise, 360 One aims to unlock synergies and tap into a broader user base.

In essence, the acquisition heralds a new chapter for both entities, poised to leverage their combined strengths to deliver enhanced product suites, domain expertise, and advisory solutions to meet the evolving needs of investors in India's dynamic financial landscape.