360 One, an Indian company, purchases the mutual fund application ET Money for $44M.
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360 One WAM, India’s largest wealth manager focused on ultra-high-net-worth individuals, has agreed to acquire popular Indian mutual fund investment app ET Money for about $44 million.
360 One disclosed (PDF) the deal in a stock exchange filing Wednesday evening.
ET Money boasts over 900,000 transacting clients and tracks assets under management of approximately $8.3 billion.
The platform has been a popular choice for retail investors, with monthly mutual fund net flows of around $89.9 million.
ET Money is the second startup from local media powerhouse Times Internet’s portfolio to be sold in recent weeks.