360 ONE WAM, India’s premier wealth supervisor for ultra-high-net-worth people and households, has entered into a Definitive Agreement to amass Times Internet-incubated Wealth-focused fintech ET Money.
ET Money
ET Money is India’s largest non-brokerage Digital Platform for Direct Mutual Funds and likewise the most important SEBI-registered Investment Advisor by variety of shoppers. Subject to regulatory approvals, 360 ONE WAM will purchase 100% of ET Money by way of a inventory swap and money deal. Times Internet will stay invested by proudly owning a stake within the listed entity, 360 ONE WAM.
360 ONE WAM is one among India’s largest wealth and alternates-focused asset administration companies. It is the funding and monetary advisor to 7200+ related households within the High Net Worth Individual (HNI) and Ultra HNI segments with combination belongings of round Rs. 4,67,000 crores* (USD 56.3 bn) beneath administration.
The acquisition will assist 360 WAM in finishing the flywheel throughout shopper segments and reinforcing its place as India’s premier wealth supervisor. 360 ONE has not too long ago launched its HNI and Global choices along with the present core UHNI Wealth enterprise.
Karan Bhagat, Founder & CEO of 360 ONE WAM, mentioned, “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 in a strong and faster path of monetisation for ET Money across both users as well as product offerings.”
ET Money serves an rising and rising section of mass prosperous Indians that’s driving the expansion of the Mutual Fund business and WealthTech total. ET Money has over 9 lakh transacting shoppers, with greater than 1 lakh revenue-generating customers. The platform tracks a complete AUM of roughly Rs. 70,000 crores, with Rs. 28,000 crores invested by way of it. Each month, ET Money sees product sales exceeding Rs. 1,200 crores and mutual fund web flows of practically Rs. 750 crores. It additionally drives upwards of Rs. 450 cr. of SIP each month. ET Money Genius, the platform’s distinctive funding advisory service, has grown quickly, reaching an AUA of Rs. 1,200 crores.
With rising belongings, India’s mass prosperous traders’ wants are additionally evolving to demand extra customized advisory. These traders additionally choose to handle all their cash in a single place, permitting ET Money to cater to their diversified wants with wealth options like NPS, Fixed Deposits, P2P investments, and annuity merchandise.
Satyan Gajwani, Vice Chairman, Times Internet, mentioned, “We are incredibly proud of ET Money’s achievements, and we are sure it will reach further heights with 360 ONE, where we will be shareholders.”
ET Money will proceed to function independently as a 100% subsidiary of 360 ONE WAM. Both firms would work to unlock ET Moneys full development potential by making 360 ONE WAMs brokerage, personalized wealth administration options, and secured lending merchandise accessible on the ET Money app.
“We have had a shared vision with Times Internet and now with 360 ONE WAM to align our businesses deeply with our investors investment outcomes and thereby create trusted relationships. We are excited about the possibility of leveraging 360 ONE WAMs expertise and ecosystem built for the high-income segment and democratizing access to premium wealth products and solutions to every Indian,” mentioned Mukesh Kalra, CEO of ET Money.
*As on March 31, 2024.
