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.
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