Times Internet Sells ET Money To 360 One WAM For Rs 366 Crore
360 One has paid roughly Rs 86 crore in cash, while the rest will be compensated by issue of equity shares.
360 One WAM Ltd., formerly known as IIFL Wealth Management, has acquired wealth tech platform ET Money for Rs 366 crore.
Both subsdiaries which operate ET Money—Banayantree Services Ltd. and Moneygoals Solutions Ltd.—have been acquired in a cash and stock deal.
360 One has paid roughly Rs 86 crore in cash, while the rest will be compensated by issue of equity shares.
The deal will go through in an indicative time period of around six months, subject to completion of customary conditions and regulatory approvals from Securities and Exchange Board of India, stock exchanges and the Reserve Bank of India.
Mukesh Kalra-led ET Money is primarily known as a mutual funds platform, having roughly 9 lakh clients and managing assets worth Rs 28,000 crore. ET Money's turnover in FY24 stood at Rs 30.7 crore.
With the acquisition, 360 One is set to enter the wealth management space. This is the second asset Times Internet has sold in recent times, with some assets of MX Player being acquired by Amazon last week. It had previously also sold iDiva and MensXP to Mensa Brands, while Dineout was acquired by Swiggy.
