360 ONE Acquires ET Money for $44 Million (Rs 366 crore)

Jun 12, 2024, 05:05 PM

360 ONE, formerly known as IIFL Wealth Management, has acquired a 100% stake in ET Money for approximately $44 million (Rs 366 crore). The acquisition involves a payment of Rs 85.8 crore in cash to Times Internet, with the remaining amount settled through the issuance of 3.5 million stocks of 360 ONE. ET Money, a mutual fund app, has 900,000 transacting clients and over 100,000 revenue-generating users. The acquisition marks 360 ONE's entry into the wealth tech space, which has seen an increase in active userbase since last year.