360 One WAM, India’s leading wealth manager for ultra-high-net-worth individuals, has announced its acquisition of the popular Indian mutual fund investment app ET Money for about $44 million. The deal was disclosed in a stock exchange filing on Wednesday evening.
ET Money, which has over 900,000 transacting clients and tracks assets under management of approximately $8.3 billion, has been a favorite among retail investors, with monthly mutual fund net flows of around $89.9 million.
This acquisition follows another recent sale from Times Internet’s portfolio, with Amazon agreeing to buy assets of the on-demand streaming service MX Player for under $100 million.
This move represents 360 One’s entry into the rapidly growing wealth tech sector and is expected to enhance its existing services for high-net-worth and ultra-high-net-worth clients. The combined entity aims to leverage their product offerings, domain expertise, and advisory solutions to reach a broader user base, according to the stock exchange filing.
