India’s 360 One acquires mutual fund app ET Cash for $44M

India’s largest wealth supervisor targeted on ultra-high-net-worth people, 360 One WAM, has agreed to amass standard Indian mutual fund funding app ET Cash for about $44 million. Earlier known as IIFL Wealth Administration, 360 One disclosed (PDF) the deal in a inventory trade submitting Wednesday night. 

The transfer marks 360 One’s foray into the fast-growing wealth tech house for the lots and is anticipated to enrich its present choices for high-net-worth and ultra-high-net-worth shoppers.

ET Cash boasts over 900,000 transacting shoppers and tracks belongings below administration of roughly $8.3 billion. The platform has been a well-liked alternative for retail buyers, with month-to-month mutual fund internet flows of round $89.9 million.

ET Cash is the second startup from native media powerhouse Occasions Web’s portfolio to be bought in current weeks. Amazon reached an settlement to purchase belongings of on-demand streaming service MX Participant for lower than $100 million final week, TechCrunch first reported. 

The acquisition will permit the mixed entity to leverage their product suites, area experience, and advisory options to faucet into a bigger person base, 360 One stated within the inventory trade submitting.

Occasions Web acquired Moneysights in 2014 for an undisclosed quantity and later rebranded it to ET Cash.