360 One buys Times Internet-owned Mutual Fund App 'ET Money' for $44 million
360 One, India’s leading asset and wealth management service provider ( previously IIFL Wealth) has purchased Times Internet-led mutual fund & wealth management app for 
365.8 crore ($44 million).
365.8 crore ($44 million).
According to the filings obtained from the National Stock Exchange shows, 360 One has rewarded 85.83 crore as liquid cash consideration while the remaining amount of payment was closed via the issue of 35, 90,000 wholly paid up the equity shares.
85.83 crore as liquid cash consideration while the remaining amount of payment was closed via the issue of 35, 90,000 wholly paid up the equity shares.
The planned purchase shall need prior nod of SEBI – Securitas and Exchange Board of India, stock exchanges and the banking regulator Reserve Bank of India, the filing said.
Through this acquirement, 360 One will takes up two entities which are Banayantree Services Limited - ET Money Genius) and Banayantree Services Limited - ET Money Genius.
At the financial year finishing in March 2024, ET Money and ET Money Genius has a total turnover of 2 crore and 28.7 crore correspondingly.
2 crore and 28.7 crore correspondingly.
ET Money states that it holds more than 9 lakh transacting clients with over 1 lakh revenue-creating users. The asset management platform privileges to have a total sales per month of more than 1,200 crore with SIPs accounting to 450 crore and mutual fund net flows around 750 crore. The investment advisory service of the company ET Money genius holds over 76,000 actively-paying users with an AUM of 1200 crore.
1,200 crore with SIPs accounting to 450 crore and mutual fund net flows around 750 crore. The investment advisory service of the company ET Money genius holds over 76,000 actively-paying users with an AUM of 1200 crore.
Groww, Zerodha, & Paytm Money are the key competitors of the company in the market.
