360 One acquires Times Internet's ET Money for Rs 366 crore

360 One (formerly IIFL Wealth) has acquired Times Internet-owned wealth management digital platform ET Money, for about Rs 365.8 crore ($44 million). Times Internet is part of The Times of India Group.

The move marks 360 One’s foray into the wealth tech space. Although, the proposed acquisition has approvals pending from the Securities and Exchange Board of India (SEBI) and Reserve Bank of India (RBI).

The acquisition will involve a stock swap deal and part cash, allowing the company to acquire 100 percent of ET Money. According to the filings, the wealth and alternates-focused firm has paid Rs 85.83 crore as cash while the rest of the payment was done through the issue of stocks.

360 ONE said the acquisition aims to enhance its client segment coverage and reinforce its position as the country's premier wealth management firm.

ET Money, which competes with Groww, Zerodha, and Paytm Money, claims to have over 9 lakh transacting clients with more than 1 lakh revenue-generating users. Additionally, it tracks assets under management of approximately $8.3 billion.