By Nesil Staney
360 One, one of the largest portfolio management firms in the country, is planning to build a full-fledged investment banking vertical through Batlivala & Karani (B&K), a brokerage it acquired in January.
The company, which manages $68 billion in assets, is also nearing closure of four of its investment funds, a senior executive told FE. This includes a healthcare fund in the range of Rs 700-1,000 crore, an angel fund of Rs 500 crore to invest in domestic startups, a multi-asset fund to invest in listed stocks, and a private credit fund of Rs 800 crore.
The angel fund has already made investments in a gaming company and a chilli sauce maker. In 2024, it had closed a Rs 4,000 crore secondary fund to invest in private equity landscape.
360 One is majority-owned by private equity major Bain Capital since 2022. It has offices in Dubai and Singapore.
Total foreign portfolio investor (FPI) ownership of 360 One is 67.2% as of March. The stock price is trading at Rs 1,016. Mutual funds own 6.4% and total DII ownership is 8.5%. It was listed on both the BSE and the NSE in 2019. In 2024, it acquired ET Money from Bennet Coleman and raised Rs 2,250 crore through qualified institutional placement (QIP). The firm’s assets crossed `5 lakh crore same year.
360 One managing director and promoter Karan Bhagat holds a 14.2% stake, of which a half is pledged.
B&K, with strong institutional brokerage, was acquired for ₹1,884 crore, inclusive of ₹200 crore of cash. 360 One already has an investment banking license with the regulator SEBI, however the miniscule merchant banking operations of B&K will be expanded to a full-service investment bank, said the executive. “The B&K acquisition is a strategic fit, EPS-accretive by 3-5%,” Motilal Oswal said in a February report.
Investment banking in India is dominated by foreign banks and brokerages such as Citi, JP Morgan, Deutsche, Morgan Stanley and UBS. Among the domestic firms, Kotak, SBI Caps, Axis Capital, JM Financial and Edelweiss are large players.
360 One was founded in 2008. In April this year, it struck a strategic deal with Swiss banking giant UBS AG, with the help of Bain Capital. 360 One acquired Rs 26,000 crore wealth portfolio of UBS for $36 million, while the bank picked 5% stake for $220 million. “UBS acquisition to merge into profits in second half of FY26, we see stronger growth from FY27 as they leverage on product and staff synergies,” Jefferies said in a recent report on 360 One.
The UBS wealth portfolio is yet to be integrated with 360 One, pending regulatory approval.
