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.
Welcome to TechCrunch Fintech!
This week, we’re looking at Rippling’s controversial decision to ban some former employees from selling their stock, Carta’s massive valuation drop, a GenZ-focused fintech raise, and more!
But there is one big exception: It has banned former employees who work for a handful of competitors from selling their stock.
What else we’re writingIn early 2022, the fintech startup Bloom was accepted into Y Combinator as the first-ever startup from Sudan to participate in the famed accelerator.
In an unusual move, Capital One is teaming up with payment giants (and rivals) Stripe and Amsterdam-based Adyen to offer a free product aimed at fraud reduction, the financial services giant told TechCrunch in an exclusive interview.
Who would have thought that Raspberry Pi, the maker of cheap, single-board computers, would become a public company?
It means that Raspberry Pi could end up raising more than $200 million during its IPO process.
If you’re looking to buy Raspberry Pi shares as a retail investor, this isn’t possible just yet.
Raspberry Pi Ltd, the public company, is the commercial subsidiary of the Raspberry Pi Foundation.
Arm previously announced that it intended to increase its stake in Raspberry Pi with the public listing.
Sources tell TechCrunch that employees at those companies received no information about the tender offer, but heard about their exclusion through the grapevine.
None of the former employees TechCrunch spoke to were surprised to hear one name on the list: Deel.
“Rippling put together a tender offer for the benefit of its employees, ex-employees, and early investors.
To be sure, as a private company, Rippling certainly has the freedom to place restrictions on participation in its stock sales.
In addition to the price of the stock, employees may face huge tax bills on options they exercise from the paper gains of the value of the stock.
Jio Financial and BlackRock to tap India’s wealth management and stock broking marketJio Financial Services, part of the Indian conglomerate Reliance, is forming a joint venture with U.S. asset manager BlackRock to set up a wealth management and stock broking business in India, the two firms said Monday.
The announcement follows BlackRock and Jio Financial launching a joint venture last year to offer asset management services in India.
The two companies plan to invest $150 million each in the joint venture, they said last year.
The expansion of BlackRock and Jio Financial’s partnership underscores Reliance’s growing ambitions in the financial services sector.
Since its public debut in August, Jio Financial Services has already expanded to insurance and lending businesses.
And Manish wrote about the resignation of Stability AI founder and CEO Emad Mostaque late last week.
AI-powered itineraries: In an upgrade to its Search Generative Experience, Google has added the ability for users to ask Google Search to plan a travel itinerary.
Using AI, Search will draw on ideas from websites around the web along with reviews, photos and other details.
Robinhood’s new card: Nine months after acquiring credit card startup X1 for $95 million, Robinhood on Wednesday announced the launch of its new Gold Card, powered by X1’s technology, with a list of features that could make Apple Card users envious.
Bonus roundSpotify tests online learning: In its ongoing efforts to get its 600 million+ users to spend more time and money on its platform, Spotify is spinning up a new line of content: e-learning.
The New York Stock Exchange said Monday it will immediately suspend trading shares of EV startup Fisker and is moving to take the company off of its stock exchange.
The exchange said Monday that Fisker’s stock is “no longer suitable for listing” because of “abnormally low” price levels.
The decision comes a month after Fisker was warned by the NYSE that its stock price had spent 30 days trading below $1, putting it out of compliance with the exchange’s rules.
The suspension caps a tumultuous day for Fisker, which saw shares fall more than 28% before trading was halted.
The suspension comes just hours after Fisker announced it lost a potential deal with a large automaker, reported to be Nissan — a development that has also endangered a recently-announced attempt at securing emergency funding.
Donald Trump’s beleaguered SPAC deal is finally going through, and just in time to pay nearly half a billion dollars owed over several legal actions — if the board agrees to let him sell.
And that’s without reckoning with the questionable success of Truth Social, the partisan social network hurriedly stood up after the former President was booted from Twitter.
TMTG reportedly had a net loss of around $49 million in 2023, on revenues of under $4 million — not exactly hot numbers.
There’s no doubt that many, many shareholders in the newly public TMTG will sell their shares as soon as possible.
But if Trump wanted to finance his current liabilities, he’d have to sell some 12 million shares at the current price — around 15% of his total stake.
Reddit prices IPO at $34 per share, the top of the rangeReddit priced its stock on Wednesday at $34 a share, the top of the anticipated range, a signal that investors are excited about the company’s IPO on Thursday.
The social media giant raised nearly $500 million in the offering.
Despite being profitable on EBITDA basis, Instacart and Klaviyo, two main IPOs of 2023, had lukewarm receptions on Wall Street last year.
But Reddit is still generating net losses of more than $90 million, which may bode poorly for the company’s stock amid push for profitability for newly traded companies.
The firm sold $203 million worth of contracts to AI companies for access to its data in January, according to a recent filing.
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I was finally able to catch up on this February 2024 space stock review from Case Taylor, an investor at Thomas Tull’s U.S.
He provides a lot of sharp commentary on the public space companies, and as someone without a finance background, I feel like I learn a lot.
This week in space historyOn March 21, 2007, a small but mighty company called SpaceX launched its Falcon 1 rocket for the second time.
