360 One (previously IIFL Wealth) has bought Times Internet’s digital wealth platform, ET Money, for roughly $44 million (Rs 365.8 crore), further strengthening its position in the wealth management market. This strategic acquisition demonstrates 360 One’s commitment to growing its capabilities and reaching a broader audience in the thriving Indian wealth-tech market.
Acquisition Details and Regulatory Approvals
360 One would issue 35,90,000 fully paid-up equity shares for a cash payment of Rs 85.83 crore. According to documents with the National Stock Exchange, the acquisition requires regulatory approval from the Securities and Exchange Board of India (SEBI), stock exchanges, and the Reserve Bank of India (RBI).
ET Money: A Leading Digital Wealth Platform
ET Money, boasting over 9 lakh transacting clients and more than 1 lakh revenue-generating users, has established itself as a prominent player in the Indian wealth-tech domain. The platform offers a comprehensive suite of services including:
- Investment Management: Facilitates investments in mutual funds, SIPs, and other financial products.
- Subscription-based Advisory: ET Money Genius provides personalized financial advice to clients, managing an AUM of Rs 1,200 crore.
- Business Support Services: Offers business advisory, product management, and other solutions for financial institutions.
Strategic Significance for 360 One
The acquisition of ET Money aligns perfectly with 360 One’s vision to become a leader in the wealth management industry. By integrating ET Money’s robust platform and extensive user base, 360 One gains access to:
- A Broader Client Reach: Expands 360 One’s client base to include the large and active user community of ET Money.
- Enhanced Service Portfolio: Offers a wider range of wealth management solutions, catering to diverse investor needs.
- Technological Expertise: Leverages ET Money’s digital platform and technological capabilities to further streamline its operations.
Market Landscape and Competition
The Indian wealth-tech industry is fast expanding, with competitors such as Groww, Zerodha, and Paytm Money vying for a sizable share. This acquisition will help 360 One compete more effectively in this competitive industry by offering a more comprehensive and user-friendly wealth management solution. ET Money’s acquisition by 360 One marks Times Internet’s sixth subsidiary exit in the past three years. This pattern points to a potential shift in Times Internet’s concentration regions within the digital ecosystem.
The purchase of ET Money by 360 One marks a watershed moment in the Indian wealth-tech sector. This strategic step strengthens 360 One’s market position and enables it to capitalize on the growing demand for digital asset management solutions. With a larger user base and a broader range of services, 360 One is well-positioned to address the evolving needs of Indian investors.
Read more: Marketing News, Advertising News, PR and Finance News, Digital News
