360 ONE WAM forays into WealthTech
Mukesh Kalra, Founder & CEO of ET MONEY
FinTech BizNews Service
Mumbai, June 12, 2024: 360 ONE WAM, India's premier wealth manager for ultra-high-net-worth individual families, has entered into a definitive agreement to acquire wealth-focused ET MONEY. The acquisition will aid in completing the flywheel across client segments for 360 ONE and reinforcing its position as India’s premier wealth manager. 360 ONE has recently launched its HNI and Global offerings in addition to the existing core UHNI Wealth business. Subject to regulatory approvals, 360 ONE WAM will acquire 100% of ET MONEY largely via a stock swap deal and part cash.
ET MONEY is one of India's biggest SEBI-registered Investment Advisors by number of clients and among the largest non-brokerage Digital Platforms for Wealth Management. ET Money has 9 lakh+ transacting clients with more than 1 lakh revenue-generating users. It tracks an overall AUM of ~Rs. 70,000 crs. The AUM invested in its platform is nearly Rs. 28,000 crs of which mutual funds constitute more than Rs. 25,000 crs. The platform has gross monthly sales of over Rs. 1,200 crs; with SIPs amounting to Rs. 450 crs monthly and MF Net flows of nearly ~Rs. 750 crs per month. Its unique investment Advisory service, ET MONEY Genius, has more than 76,000 active paying advisory clients with an AUM of Rs. 1,200 crs.
Karan Bhagat, Founder, MD & CEO of 360 ONE WAM, stated, “As we move forward, 360 ONE and ET Money will now be able to leverage the product suite, domain understanding of the business, portfolio advisory solutions, brokerage services and credit solutions to a large user base. The acquisition is expected to result into a strong and faster path of monetisation for ET Money across both users as well as product offerings”.
Satyan Gajwani, Vice Chairman, Times Internet, said, "We are incredibly proud of ET Money's achievements, and we are sure it will reach further heights in partnership with 360 ONE WAM.”
Mukesh Kalra, Founder & CEO of ET MONEY, said, "We have a shared vision with 360 ONE WAM to align our businesses deeply with our client’s investment outcomes, creating trusted relationships. We are excited about leveraging 360 ONE WAM's product platform, designed for the wealthy, to democratize access to premium wealth products and solutions for the aspiring Indian"
360 ONE WAM is one of India's leading wealth and alternates-focused asset management firms. It is the investment and financial advisor to 7200+ relevant families in the High Net Worth Individuals (HNI) and Ultra HNI segments with aggregate assets of around INR 4,67,000 crs* (USD 56.3 bn) under management.
