Bain Capital backed 360 One WAM to acquire B-K Securities for $205 million

By Preeti Singh 

360 One WAM will acquire one of India’s oldest brokers Batlivala & Karani Securities India Pvt. for Rs 17.74 billion ($205 million) as the Bain Capital-backed wealth manager looks to add retail and institutional investors to its roster of high networth individuals. 

Separately, it will also buy the Batlivala & Karani group’s unit B&K Finserv for Rs 1.1 billion in cash, the company said in a stock exchange filing.

 

360 One, which manages around $68 billion of assets, will pay Rs 6 billion in cash and the rest in stock valued at Rs 1,174.13 apiece for the acquisitions, it said.

 

B&K is a leader in the mid- and small-cap companies space and has a strong presence in the corporate treasury segment, the filing said.  

 

The acquisition will help 360 One offer broking services across all market segments — ultra-high networth individuals, high networth individuals, institutional and retail investors, the filing said.

 

The number of individuals with more than $30 million of assets is expected to grow by 50% between 2023 and 2028, according to a Knight Frank wealth report.

 

360 ONE already serves about 7500 families in the high networth and ultra high networth individuals category, and is looking to tap the growing number of affluent families in the country’s smaller cities.

 

“The big revolution in Tier 2, Tier 3 cities will happen in the Rs 50 million to Rs 250 million range,” its co-founder Karan Bhagat had said in an interview to Bloomberg in July.