ICRA

360 One Wealth and Asset Management, formerly IIFL Wealth, has entered into a definitive agreement to acquire wealth tech platform ET Money for a total sale consideration of Rs 365.8 crore,360 One will pay Rs 85.8 crore in cash to Times Internet, while the remaining part of the transaction will be through issuing 3.5 million stocks of the Mumbai-based wealth management company at a price of Rs 779.93. Times Internet, the parent of ET Money, will secure a stake in the wealth management firm and will remain invested in the space, the statement said. Times Internet is part of The Times of India Group, which publishes this newspaper. ET Money will become a step down subsidiary of 360 One, which mostly caters to ultra high net worth individuals. The acquisition will help 360 One get access to the larger wealth management market, a sector which ET Money caters to. The TIL-owned wealth tech platform has more than 9 lakh transacting users with more than 1 lakh revenue generating users.

360 One acquires ET Money for Rs 366 crore to enter wealth tech space

The Group’s reputation and client retention depend on its brand and fund performance. Low client attrition (1.4% in FY2024) and experienced team leaders (49% with 5+ years) are key to maintaining stability.


As of June 30, 2024, 360 ONE Prime’s ₹6,308 crore loan book is concentrated in LAS to HNIs. CP borrowings make up 22% of total borrowings, expected to decline as long-term borrowings increase and AIF investments reduce.


The issuer has made timely interest payments.

Yatin Shah, Co-Founder, 360 ONE ANd Joint CEO, Wealth

The Group offers wealth management services with ₹5.21 lakh crore AUM as of June 2024 and ₹40,118 crore in AIFs. It expanded into the HNI segment and acquired ET Money for advisory services. Through 360 ONE Prime, its NBFC, it provides loans against securities. Experienced leadership drives its success.


As of June 30, 2024, the Group’s net worth was ₹3,031 crore, with a 3.5x gearing. 360 ONE Prime’s capital-to-risk ratio was 20.7%. The Group posted ₹804 crore PAT and 24.5% RoE in FY2024, with strong AUM growth and a 27.3% RoE in Q1 FY2025. AIF investments are 66% of net worth but expected to decline. Capitalization remains strong despite high dividends.


360 ONE Prime’s loan book (1.2% of AUM) had nil GNPAs as of June 30, 2024. While asset quality is strong, it’s sensitive to price declines affecting LTV ratios. Collateral is mostly liquid, but some may not be. ICRA is confident due to the focus on wealth management clients and moderate loan growth


Security Name: 9.11% 360 One Portfolio Managers Limited 17 Dec 2027

ISIN:

INE196P07260

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360 One acquires ET Money for Rs 366 crore to enter wealth tech space

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