Latest news with #360One
Economic Times
19 hours ago
- Business
- Economic Times
IPO-bound BlueStone geared for unicorn tag
The private wealth management arms of 360 One and Centrum Wealth are in discussions to facilitate secondary deals amounting to Rs 300–350 crore in the jewellery retailer BlueStone, said people in the know. Both platforms will sell the stakes to their clients ahead of the Bengaluru-based company's public market debut, they transaction will value BlueStone at Rs 10,500 crore ($1.2 billion), about 30% higher than its Rs 8,100 crore valuation from the last funding round in August to one of the people in the know, Singapore-based RB Investments will fully exit BlueStone through the deals. RB Investments, which holds a 2–3% stake in the company, is set to make a 10–12x return on its investment. It backed BlueStone across various stages between 2016 and 2019, investing around Rs 28–30 crore. The Singapore-based family office has also backed Indian companies such as Swiggy, Giva and Rebel Foods.'The round took place because there was interest from certain investor classes to pick a stake prior to the IPO,' one of the persons said. 'BlueStone is soon expected to finalise the pricing for the IPO.' A secondary deal is between existing and incoming investors, and the cash doesn't go into the managers pool investment deals for their clients, which typically include the likes of domestic family offices and high networth individuals (HNIs). These investors are usually added to the capitalisation table prior to a public issue. Private wealth management firms have earlier facilitated pre-IPO deals in companies such as food and grocery delivery firm Swiggy, hospitality platform Oyo, logistics startup Shadowfax and business-to-business (B2B) meat company Captain Fresh. BlueStone filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) in December, gaining approval in April. Its IPO includes a fresh capital raise of Rs 1,000 crore and an offer-for-sale (OFS) component of nearly 24 million shares, which will see investors including Accel, Saama Capital, IvyCap Ventures and Kalaari Capital selling their sent to BlueStone founder and CEO Gaurav Singh Kushwaha went unanswered. In response to an emailed query, Centrum Wealth said, 'There may be a few HNI clients who seek exposure, to whom we may facilitate through a market intermediary.'A spokesperson for 360 One said, 'We have no comments on the query.'RB Investments also did not respond. BlueStone had closed a Rs 900-crore funding round—a combination of primary and secondary transactions—in August 2024, which saw the participation of investors such as Peak XV Partners, Prosus, Steadview Capital, Think Investments and Infosys cofounder Kris Gopalakrishnan's family investment office Pratithi Investments. In May this year, BlueStone raised Rs 40 crore in debt from alternative debt platform BlackSoil and Caspian Impact Investments. Over the last few years, investors have turned bullish on the jewellery business. This trend picked up steam after the Tata Group's full acquisition of CaratLane at a valuation of Rs 17,000 crore. The conglomerate had first invested in the startup in 2016, when it was valued at Rs 563 crore. Omnichannel jewellery startup Giva, which specialises in silver products, is also in talks to pick up Rs 450 crore ($53 million) in a financing round led by Creaegis in addition to participation by Premji Invest, Epiq Capital and others. BlueStone closed fiscal 2024 with Rs 1,266 crore in revenue, a 64% jump from the year ago. Its loss during the year contracted to Rs 142 crore in FY24 from Rs 167 crore in fiscal 2023. For the first three months of fiscal 2025, BlueStone reported operating revenue of Rs 348 crore and net loss of Rs 59 crore.
Time of India
19 hours ago
- Business
- Time of India
IPO-bound BlueStone geared for unicorn tag
The private wealth management arms of 360 One and Centrum Wealth are in discussions to facilitate secondary deals amounting to Rs 300–350 crore in the jewellery retailer BlueStone , said people in the know. Both platforms will sell the stakes to their clients ahead of the Bengaluru-based company's public market debut, they said. The transaction will value BlueStone at Rs 10,500 crore ($1.2 billion), about 30% higher than its Rs 8,100 crore valuation from the last funding round in August 2024. According to one of the people in the know, Singapore-based RB Investments will fully exit BlueStone through the deals. RB Investments, which holds a 2–3% stake in the company, is set to make a 10–12x return on its investment. It backed BlueStone across various stages between 2016 and 2019, investing around Rs 28–30 crore. The Singapore-based family office has also backed Indian companies such as Swiggy, Giva and Rebel Foods. 'The round took place because there was interest from certain investor classes to pick a stake prior to the IPO,' one of the persons said. 'BlueStone is soon expected to finalise the pricing for the IPO.' A secondary deal is between existing and incoming investors, and the cash doesn't go into the company. Wealth managers pool investment deals for their clients, which typically include the likes of domestic family offices and high networth individuals (HNIs). These investors are usually added to the capitalisation table prior to a public issue. Private wealth management firms have earlier facilitated pre-IPO deals in companies such as food and grocery delivery firm Swiggy, hospitality platform Oyo, logistics startup Shadowfax and business-to-business (B2B) meat company Captain Fresh. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories BlueStone filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) in December, gaining approval in April. Its IPO includes a fresh capital raise of Rs 1,000 crore and an offer-for-sale (OFS) component of nearly 24 million shares, which will see investors including Accel , Saama Capital, IvyCap Ventures and Kalaari Capital selling their stakes. Queries sent to BlueStone founder and CEO Gaurav Singh Kushwaha went unanswered. In response to an emailed query, Centrum Wealth said, 'There may be a few HNI clients who seek exposure, to whom we may facilitate through a market intermediary.' A spokesperson for 360 One said, 'We have no comments on the query.' RB Investments also did not respond. BlueStone had closed a Rs 900-crore funding round —a combination of primary and secondary transactions—in August 2024, which saw the participation of investors such as Peak XV Partners, Prosus, Steadview Capital, Think Investments and Infosys cofounder Kris Gopalakrishnan's family investment office Pratithi Investments. In May this year, BlueStone raised Rs 40 crore in debt from alternative debt platform BlackSoil and Caspian Impact Investments. Over the last few years, investors have turned bullish on the jewellery business. This trend picked up steam after the Tata Group's full acquisition of CaratLane at a valuation of Rs 17,000 crore. The conglomerate had first invested in the startup in 2016, when it was valued at Rs 563 crore. Omnichannel jewellery startup Giva, which specialises in silver products, is also in talks to pick up Rs 450 crore ($53 million) in a financing round led by Creaegis in addition to participation by Premji Invest, Epiq Capital and others. BlueStone closed fiscal 2024 with Rs 1,266 crore in revenue, a 64% jump from the year ago. Its loss during the year contracted to Rs 142 crore in FY24 from Rs 167 crore in fiscal 2023. For the first three months of fiscal 2025, BlueStone reported operating revenue of Rs 348 crore and net loss of Rs 59 crore.
Yahoo
27-05-2025
- Business
- Yahoo
India's 360 One plans to set up investment banking vertical
Indian wealth management company 360 One is set to expand its investment banking operations, reported Financial Express. The firm aims to build the investment banking vertical through Batlivala & Karani (B&K), a brokerage it acquired in January. B&K is known for its institutional brokerage. Mumbai-based 360 One, already holding an investment banking licence from SEBI, plans to expand B&K's small merchant banking operations into a full-service investment bank. The company, which has R5.79tn ($68bn) in assets under management, is also on the verge of closing four investment funds, according to a senior executive. These include a healthcare fund ranging from Rs7bn-Rs10bn, an angel fund of Rs5bn targeting domestic startups, a multi-asset fund for listed stocks, and a private credit fund of $8bn. The angel fund has already invested in a gaming company and a chilli sauce maker. In 2024, 360 One closed a R40bn secondary fund focused on the private equity landscape. The firm is majority-owned by Bain Capital since 2022 and has offices in Dubai and Singapore. As of March, foreign portfolio investors hold 67.2% of 360 One, with mutual funds owning 6.4% and total domestic institutional investor ownership at 8.5%. The company was listed on the BSE and NSE in 2019. In 2024, it acquired ET Money from Bennet Coleman and raised Rs22.5bn through a qualified institutional placement. Managing director and promoter Karan Bhagat holds a 14.2% stake, with half pledged. Investment banking in India is currently dominated by foreign banks and brokerages such as Citi, JP Morgan, Deutsche, Morgan Stanley, and UBS, with Kotak, SBI Caps, Axis Capital, JM Financial, and Edelweiss as key domestic players. Founded in 2008, 360 One made a deal with Swiss banking giant UBS in April, facilitated by Bain Capital. The firm agreed to acquire a Rs260bn wealth portfolio from UBS for $36m, while UBS agreed take a nearly a 5% stake in 360 One for $220m. The integration of the UBS wealth portfolio with 360 One is pending regulatory approval. Last week, UBS sought approval from the fair trade regulator CCI to acquire the stake in 360 One. "India's 360 One plans to set up investment banking vertical " was originally created and published by Private Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Mint
06-05-2025
- Business
- Mint
360 One is pivoting from pure-play wealth to full-stack finance. Will it pay off?
360 One Wealth Management, one of India's leading wealth management firm, has been expanding aggressively. After acquiring ET Money in 2024, the company bought B&K Securities in early 2025, strengthening its institutional broking and research capabilities. More recently, it partnered with global financial giant UBS to tap into offshore wealth and serve international clients more effectively. These moves point to a clear ambition: 360 One wants to evolve from a pure-play wealth manager into a full-fledged capital markets player. By doing so, it aims to diversify its revenue streams, reduce dependence on wealth flows, and create a more integrated financial services platform. So, how does 360 One aim to unlock the next growth opportunity through these strategic moves? And how do these bets fit into its long-term plan? Let's take a look. The UBS transaction has three parts: a strategic collaboration, UBS acquiring a 4.95% stake in 360 One, and 360 One acquiring UBS's India business. The partnership will allow clients from both institutions to access a wider suite of onshore and offshore wealth management services. Beyond wealth, both firms see potential synergies in other business lines, such as asset management and investment banking–where cross-border capabilities and client relationships can complement each other. The second leg of the deal involves UBS subscribing to convertible warrants for a 4.95% stake in 360 One. These warrants are priced at ₹ 1,030 per share, translating to an investment of ₹ 2,112 crores for 2.05 crore warrants. For UBS, this points to a broader India strategy, particularly as global wealth managers like Julius Baer and HSBC are stepping up their India presence. Many global firms have historically struggled to scale in India due to intense competition, high client expectations, regulatory complexities, and talent constraints. By partnering with a market leader like 360 One, UBS may be better positioned to navigate these challenges. The deal strengthens 360 One's value proposition for domestic and international clients. Importantly, the scope of the partnership goes beyond capital. The wealth management opportunity coming through the partnership is significant. According to management, 360 One's non-resident Indian (NRI) book exceeds ₹ 17,000 crores ($2 billion)—even without a dedicated NRI sourcing office. However, 360 One sees strong demand with the partnership, especially in the alternative segment. With growing awareness & use of GIFT City, the company sees strong potential for 3x AUM growth in the coming years. The final piece of the transaction is 360 One's acquisition of UBS's India business for ₹ 307 crore. This includes business transfer agreements covering distribution and broking business, portfolio management (PMS), and the loan book. The deal involves a complete transfer of clients, with ₹ 26,000 crore AUM, generating annual revenue of about ₹ 75 crores. While UBS's India wealth business is significantly smaller than 360 One's, the acquisition will add scale to AUM and contribute positively to revenue and net flows. Though not materially earnings-accretive in the near term, it opens up long-term growth opportunities, especially when the number of high-net-worth individuals is expected to explode in India. To fulfil these ambitions, the company will strategically deploy the funds raised ( ₹ 2,112 crore) from the UBS stake sale. It has earmarked ₹ 300-350 crore for UBS collaboration, ₹ 200-250 crore for enhancing B&K Securities, ₹ 800-900 crore for the loan book, and the rest for strengthening the alternatives business. Also Read: Motilal Oswal needs to find its next growth engine. Here's what it's betting on. B&K Securities acquisition adds heft In addition to the UBS deal, 360 One also signed an agreement to acquire Batliwala and Karani (B&K) Securities for ₹ 1,884 crore, including ₹ 200 crore in cash. B&K operates across institutional broking, equity capital markets (currently being built out), and corporate treasury. Over the past few years, it has more than doubled its revenue, from ₹ 110 crores in FY22 to ₹ 281 crore in FY25. Net profit stands at ₹ 102 crore, making the deal earnings accretive by 6% (360 One FY25 PAT of ₹ 1,015 crores). B&K is a leading full-service broker, with a strong institutional client base–both foreign and domestic. The acquisition is expected to strengthen 360 One's presence across capital markets and help it offer clients a complete range of services. The management believes capital markets will remain a key area of client activity for the next 10-15 years. One of the key opportunities lies in broking. 360 One aims to increase equity broking's contribution in its transaction and brokerage revenue (TBR) mix, from around 12% in the first nine months of FY25 (9MFY25) to 40-50% over time. It aims to expand research coverage from 400-450 stocks to 600, benefit from B&K's annualised brokerage revenue of ₹ 190 crore (9MFY25), and tap into equity clients like family offices and AIFs. The management expects the equity broking segment to grow at 15–25% CAGR over the next three–five years. 360 One sees material synergies in the corporate distribution business. B&K is a key player in this space, which could create great synergy when paired with 360 One's product portfolio. However, given that investment banking is still nascent, growth is expected to be slower. Nonetheless, in the long run, strong relationships with corporations will drive growth in the investment banking business. 360 One's total assets under management grew a strong 25% from last year to ₹ 5.8 trillion in FY25, supported by strong net inflows of ₹ 25,974 crore, despite market volatility. Of the total AUM, 85% came from the wealth management (including ₹ 33,055 crore from ET Money), while the remaining 15% came from the asset management segment. Average annual recurring revenue (ARR) AUM also increased 26% and now accounts for 40% of the total AUM, up from 37% last year. With a steady ARR retention of 0.73% (revenue earned as a percentage of average assets), ARR-linked income grew by 28% and now contributes 70% of revenue. This shift improves earnings visibility and reduces dependence on volatile brokerage and transaction fees, which make up the remaining 30% of revenue. On the profitability side, the cost-to-income ratio declined 2.8 percentage points to 45.9%, aided by scale benefits. As a result, net profit rose 27% to ₹ 1,015 crore. The management anticipates a gradual decline in this ratio as new business becomes more productive. Also Read: Samhi's GIC deal may accelerate growth. Could a valuation rerating follow? 360 One primarily serves ultra-high-net-worth individuals with investable surpluses of over ₹ 25 crore. However, it recently expanded into the mid-market HNI segments ( ₹ 5-25 crore) to broaden its client base. The company has also entered global markets and expanded into cities beyond Tier-1. While both are early-stage efforts, they align with industry trends and demographic shifts as more HNIs and affluent Indians emerge outside metros. With these growth drivers, the management targets annual ARR inflow growth of 12-15% and mark-to-market growth of 8-10%. This is expected to translate to AUM growth of 20-25%, revenue growth of 15-20%, and PAT growth of 20-25% annually. That said, equity dilution from recent transactions–including the UBS stake issuance and the B&K acquisition–could weigh on return on equity in the near term. 360 One continues to hold a strong position in the wealth management industry. Its focus on diversifying across client segments (including mass affluent) and geographies (beyond Tier-1 cities) is gaining traction. While the global business is still in early stages, the UBS partnership is expected to fast-track the scale-up. In parallel, acquiring B&K Securities will enhance 360 One's capital markets offerings and is expected to be EPS-accretive from the beginning. With multiple integrations underway–including mid-segment HNI expansion, global foray, E T Money , B&K, and UBS- execution will be critical. The company currently trades in line with the 10-year median price-to-earnings multiple of 34x. While the long-term opportunity in wealth management remains intact, declining return ratios due to dilution and market volatility may have kept the share price range-bound in the near term. For more such analyses, read Profit Pulse . Madhvendra has over seven years of experience in equity markets and has cleared the NISM-Series-XV: Research Analyst Certification Examination. He specialises in writing detailed research articles on listed Indian companies, sectoral trends, and macroeconomic developments. The author holds the stocks discussed in this article. The views expressed are for informational purposes only and should not be considered investment advice. Readers are encouraged to conduct their own research and consult a financial professional before making any investment decisions.
Time of India
23-04-2025
- Business
- Time of India
360 One to buy UBS' local wealth management business
360 One WAM also entered into an exclusive tie-up with UBS that will help clients of both firms to gain access to each other's wealth management services. 360 One will also buy UBS's local stock broking and distribution business, discretionary and non-discretionary portfolio management services business, and residual loan portfolio, the release said. UBS has active assets under management of ₹26,000 crore as of December 21, 2024. Tired of too many ads? Remove Ads Mumbai: Swiss financial services giant UBS will sell its domestic wealth management business to 360 One WAM in a deal valued at ₹307 crore, said a joint release. The firm will also pick up a 4.95% stake in 360 One WAM by acquiring 20.5 million warrants at a price of ₹1,030 apiece to be converted within 18 months from the allotment date. 360 One WAM shares ended at ₹1,010 on Tuesday, up 5.84%.360 One will also buy UBS's local stock broking and distribution business, discretionary and non-discretionary portfolio management services business, and residual loan portfolio, the release said. UBS has active assets under management of ₹26,000 crore as of December 21, Mumbai-based firm handled ₹5,79,000 crore or $68 billion of rich investors' money, it said.360 One WAM also entered into an exclusive tie-up with UBS that will help clients of both firms to gain access to each other's wealth management services.
