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India ’s largest riches coach focalise on radical - high - net - worth individuals , 360 One WAM , has agree to adopt democratic Amerind common fund investing app ET Money for about $ 44 million . Earlier yell IIFL Wealth Management , 360 Onedisclosed(PDF ) the deal in a caudex exchange filing Wednesday evening .
The move stigmatise 360 One ’s foray into the tight - growing riches tech space for the Mass and is gestate to complement its exist offering for high - lucre - worth and ultra - high - net profit - deserving clients .
ET Money boasts over 900,000 transacting customer and tracks assets under direction of approximately $ 8.3 billion . The platform has been a popular selection for retail investors , with monthly mutual investment company web flow of around $ 89.9 million .
ET Money is the 2d startup from local media powerhouse Times Internet ’s portfolio to be sold in late weeks . Amazon reached an accord tobuy assets of on - demand cyclosis armed service MX Playerfor less than $ 100 million last week , TechCrunch first cover .
The accomplishment will allow the conflate entity to leverage their product suites , domain expertise , and consultatory solutions totap into a big user base , 360 One say in the stock commutation filing .
ET Money “ belike generates the bulk of its revenues from its fee - paying consultatory proposal , which has 76,000 alive clients with Rs12 bn of AUM ( involve ~2 % revenue yields ) . Prima facie , we believe ET Money business enterprise / customer base have little overlap with 360 One and hence likely to manoeuvre as a disjoined vertical . 360 One await the combine business concern to do good from its in - theatre production cortege , broking military service and lending motive , ” Kotak analysts said in a annotation Thursday .
Times Internet acquired Moneysights in 2014 for an undisclosed amount and after rebranded it to ET Money .
