Wealth and asset management firm Neo has successfully raised ₹32 crore (nearly $4 million) through a private placement, marking its first round of investment in 2024.
The Mumbai-based company’s board passed a special resolution to issue 1,226 equity shares at an issue price of ₹2,60,799 each, according to regulatory filings accessed from the Registrar of Companies (RoC).
Morde Foods led the investment with ₹20 crore, while SN Damani Developers and Bridgemonte Advisors contributed ₹10 crore and ₹2 crore, respectively. The raised funds are earmarked for growth and business operations.
Following this infusion, Morde Foods will hold a 1.48% stake, SN Damani Developers 0.74%, and Bridgemonte Advisors 0.15% of Neo Wealth. The company’s post-allotment valuation stands at approximately ₹1,349 crore ($162.5 million), as estimated by TheKredible.
Neo, founded by Nitin Jain, has accumulated around $78 million in total funding, including a $35 million Series B round led by Peak XV (formerly Sequoia Capital) in October last year. Neo specializes in providing advisory and yield-based investment solutions to high-net-worth clients, claiming transparency and cost-effectiveness.
The firm boasts over $3 billion (close to ₹25,000 crore) in assets under advisement (AUA) and $360 million (around ₹3,000 crore) in assets under management (AUM). Neo achieved significant growth, recording a 9X increase in revenue to ₹65.1 crore with a nominal loss of ₹3.6 crore for the fiscal year ending March 2023. The company is yet to file its annual report for FY24.
This recent funding round underscores investor confidence in Neo’s growth trajectory and its commitment to delivering innovative investment solutions.
