Wealth and alternates-focused firm 360 One (formerly IIFL Wealth) has announced the acquisition of Times Internet’s wealth management platform ET Money for approximately Rs 365.8 crore ($44 million).
According to filings from the National Stock Exchange, 360 One has disbursed Rs 85.83 crore in cash while the remainder of the payment has been facilitated through the issuance of 35,90,000 fully paid-up equity shares.
This acquisition is contingent upon receiving approvals from the Securities and Exchange Board of India (SEBI), stock exchanges, and the Reserve Bank of India (RBI).
In this deal, 360 One will assume control of Moneygoals Solutions Limited (ET Money) and Banayantree Services Limited (ET Money Genius). ET Money offers business advisory, product management, and other business support services. In contrast, ET Money Genius is involved in the distribution of financial products such as fixed deposits (FDs), National Pension System (NPS), insurance, peer-to-peer (P2P) lending, and advisory services.
For the fiscal year ending in March 2024, ET Money and ET Money Genius reported turnovers of Rs 2 crore and Rs 28.7 crore, respectively.
ET Money claims to have over 900,000 transacting clients, with more than 100,000 revenue-generating users. The platform’s gross monthly sales exceed Rs 1,200 crore, including systematic investment plans (SIPs) worth Rs 450 crore and mutual fund net flows of nearly Rs 750 crore. ET Money Genius boasts over 76,000 active paying advisory clients with assets under management (AUM) of Rs 1,200 crore.
ET Money competes with other prominent players in the market such as Groww, Zerodha, and Paytm Money.
This acquisition marks the seventh exit for Times Internet from its subsidiaries in the past three years. Recently, Amazon acquired assets of MX Player from Times Internet. Additionally, Times Internet sold MX Takatak to ShareChat in February 2022, and Swiggy acquired DineOut in May 2022. Furthermore, e-commerce roll-up unicorn Mensa acquired MensXP, iDiva, and Hypp from Times Internet in December 2022.
