360 One, the wealth management giant managing a massive $68 billion in assets, is getting serious about investment banking. And that’s not all — it’s on track to close four new investment funds in the coming weeks, signaling a busy, bullish year for the firm.
The Mumbai-based company, which has grown aggressively in recent years, is sharpening its edge by turning Batlivala & Karani (B&K) — the brokerage it acquired earlier this year — into a full-scale investment bank. The goal? To compete with India’s big players in a space long dominated by foreign institutions.
From Brokerage to Bank: Inside the B&K Bet
Back in January, 360 One shelled out ₹1,884 crore to acquire B&K, a brokerage with a solid institutional presence but limited merchant banking activity. Now, the plan is to scale it up — significantly.
The company already holds an investment banking license from SEBI. But until now, its merchant banking was more symbolic than significant. That’s about to change.
Motilal Oswal, in a February report, described the B&K acquisition as “EPS-accretive by 3–5%” — corporate lingo for “this should boost earnings.”
B&K’s institutional strength gives 360 One a platform to build on, especially as it gears up to offer a range of investment banking services from equity capital markets to M&A advisory.
The Fund Lineup: Healthcare, Startups, Credit and Stocks
At the same time, 360 One is nearly done raising capital for four diverse investment funds. Each targets a different slice of the market — from healthtech to chilli sauce.
Here’s what’s on the table:
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A Healthcare Fund of ₹700–1,000 crore, targeting innovation and consolidation in India’s booming medical sector.
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A ₹500 crore Angel Fund that’s already placed early bets on a gaming startup and a hot-sauce maker.
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A Multi-Asset Fund focused on listed equities — a shift toward more public market exposure.
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A Private Credit Fund pegged at ₹800 crore, catering to the growing appetite for structured debt products.
The angel fund’s quirky portfolio — games and condiments — might raise eyebrows, but it fits within the firm’s broader push to deepen its stake in India’s startup ecosystem.
In fact, this isn’t new. Back in 2024, 360 One wrapped up a ₹4,000 crore secondary fund to tap into mature private equity deals. That fund gave them serious skin in the PE game.
Bain-Backed and Bold: The Bigger Game Plan
360 One’s recent moves aren’t happening in isolation. Since 2022, Bain Capital has been the majority owner — a fact that’s made its ambitions more global, more aggressive.
Its offices in Singapore and Dubai hint at cross-border aspirations, particularly in family wealth and global private equity. The B&K play fits right in, offering an investment banking spine that complements its advisory and wealth services.
The firm is listed on both the NSE and BSE since 2019. And its stock? As of May, trading at ₹1,016 — up significantly since its QIP last year when it raised ₹2,250 crore.
Foreign portfolio investors (FPIs) love the story. They own a hefty 67.2% of the company. Domestic mutual funds hold another 6.4%. Total DII holding is 8.5%.
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Karan Bhagat, the founder and managing director, still holds 14.2% of the company. But half of that stake is pledged — a data point that investors are watching closely.
Taking on the Big Boys in Indian Banking
India’s investment banking arena is no easy battlefield. The top slots are largely taken — Citi, JP Morgan, Deutsche, UBS, Morgan Stanley — all have deep roots here.
On the domestic side, you’ve got names like Kotak, Axis Capital, SBI Caps, JM Financial, and Edelweiss — firms with serious clout and client rosters.
So, where does 360 One fit in?
It’s not trying to play catch-up overnight. The goal is to layer in merchant banking slowly — start with mid-market M&A, expand to ECM, and gradually build a brand in IPO advisory.
B&K’s institutional connect helps. So does the fact that many Indian promoters today are increasingly leaning toward domestic advisors who understand local sensitivities.
Still, the road won’t be smooth. The firm’s name recognition outside wealth circles is still low. And the market, post-2022, has been volatile — IPOs have slowed, and deal flow is patchy.
Strategic Moves and Financial Facts
Let’s take a look at some of the firm’s financial and strategic moves over the last 18 months — all of which lay the groundwork for its banking ambitions.
| Key Event | Year | Details |
|---|---|---|
| Acquisition of B&K | Jan 2025 | ₹1,884 crore deal; includes ₹200 crore cash |
| Bain Capital buys majority stake | 2022 | Deal valued at over ₹3,500 crore |
| Secondary Fund closed | 2024 | ₹4,000 crore focused on mature private equity stakes |
| QIP Fundraising | 2024 | ₹2,250 crore raised to fuel growth |
| Acquisition of ET Money | 2024 | From Bennett Coleman; boosts fintech arm |
| Assets Under Management (AUM) | 2025 | Crossed ₹5 lakh crore mark (≈$68 billion) |
Each of these pieces contributes to the bigger picture: a wealth-first firm that’s aggressively becoming a multi-vertical financial powerhouse.
And yes, they’re still a portfolio manager at heart. But now, with B&K in the mix and fresh funds ready to launch, they’re betting on the whole finance stack — from VC to IPO.
