360 One WAM, previously referred to as IIFL Wealth Administration, has agreed to amass standard Indian mutual fund funding app ET Cash for about $44 million. 360 One disclosed (PDF) the deal in a inventory change submitting Wednesday night.
ET Cash boasts over 900,000 transacting purchasers and tracks belongings below administration of roughly $8.3 billion. The platform has been a preferred alternative for retail traders, with month-to-month mutual fund internet flows of round $89.9 million.
ET Cash is the second startup from native media powerhouse Instances Web’s portfolio to be bought in latest weeks. Amazon reached an settlement to purchase belongings of on-demand streaming service MX Participant for lower than $100 million final week, gajed first reported.
The transfer marks 360 One’s foray into the fast-growing wealth tech area and is predicted to enhance its present choices for high-net-worth and ultra-high-net-worth purchasers.
The acquisition will permit the mixed entity to leverage their product suites, area experience, and advisory options to faucet into a bigger consumer base, 360 One mentioned within the inventory change submitting.