News Times Internet Sells ET Money To 360 One WAM In A $44 Mn Deal 13 Jun'24 | By Debarghya Sil SUMMARY The acquisition deal comprises a cash component of INR 85.8 Cr and 360 One WAM will issue and allot 3,590,000 shares at an issue price of INR 779.3 to Times Internet As a part of the deal, 360 One WAM is acquiring two entities of ET Money – Banayantree Services Pvt Ltd, and Moneygoals Solutions Pvt Ltd The acquisition is expected to reinforce 360 One WAM’s position as a premier wealth manager in the country FOLLOW US FOLLOW US Added to Saved Stories in Login VIEW SAVED STORIES Times Internet is selling 100% of its stake in investment wealth platform ET Money for around INR 366 Cr (~$44 Mn) in a part cash and stock swap deal to wealth management platform 360 One WAM, the latter’s stock exchange filing revealed. 360 One has paid INR 85.83 Cr in cash, with the remaining amount settled through the issuance of 35,90,000 fully paid-up equity shares. As a part of the deal, 360 One WAM is acquiring two entities of ET Money – Banayantree Services Pvt Ltd, and Moneygoals Solutions Pvt Ltd The acquisition is expected to reinforce 360 One WAM’s (formerly known as IIFL Wealth Management) position as a premier wealth manager in the country. The acquisition is currently subject to approval. 360 One WAM is the wealth management arm of financial services provider 360 ONE. The parent company also invests in startups and counts BYJU’S, Swiggy, Policybazaar, Licious, Nykaa among other startups and listed companies. Founded in 2014 by Mukesh Kalra and Santosh Navlani, Times Internet acquired moneysights, a personal finance company for an undisclosed amount. RECOMMENDED FOR yOU News Podts Ankit S 12th December, 2024 News ksdfskdfj Ankit S 26th November, 2024 News kjdkjc Ankit S 26th November, 2024 Post the acquisition, the business was renamed to SmartSpends. In 2016, SmartSpends was rebranded as ET Money. This move came in line with the team’s vision to create a mobile-first home for all the personal finance needs of the people in India. ET Money claims to have over 9 Lakh transacting clients with more than 1 lakh revenue-generating users. It tracks an overall AUM of INR 70K Cr. The AUM invested in its platform is nearly INR 28K Cr of which mutual funds constitute more than INR 25K Cr. Besides offering a stock broking platform, it also offers a subscription-based advisory service – ET Money Genius. Currently, there are more than 75K active paying advisory clients with an AUM of INR 1,200 Cr. Times Internet’s Selling Spree Times Internet, the digital arm of Times Group has been on a selling spree for some time now. It began in January 2022, when it sold its dining and online restaurant booking service platform Dineout to food delivery giant Swiggy. Though neither Swiggy nor Time Internet disclosed the deal size, as per Inc42 sources, Swiggy acquired Dineout for somewhere between $150 Mn to $200 Mn. In February 2022, Times Internet sold its short video platform MX TakaTak to ShareChat for around $600 Mn. In June of 2022, D2C ecommerce aggregator Mensa Brands is all set to acquire MensXP, a content commerce platform, and iDiva from Times Internet. Last month, Inc42 exclusively reported that ecommerce giant Amazon was in the final stage of acquiring assets of its video streaming platform – MX Player. Step up your startup journey with BHASKAR! From resources to networking, Bhaskar connects Indian innovators with everything they need to succeed. Join today to access a platform built for innovation, growth, and community.