SUMMARY
- Wealth and asset management firm Neo has raised $48 million in Series B round.
- Neo has raised around $120 million in equity capital including a $35 million round from peak XV in last year’s October.
- The firm reported a nine-fold growth in its revenue to Rs 65 crore in the fiscal year ending March 2023 (FY23).
Wealth and asset management firm Neo has raised $48 million in a Series B round which is led by MUFG Bank and New York-based Euclidean Capital LLC, following this existing investor peak XV Partners also participated in this round.
Neo said in a press release, that the funds will be used to expand its wealth management division and enhance support for its asset management business.
With this, Neo has raised around $120 million in equity capital including a $35 million round from peak XV in last year’s October.
Earlier this month, the $231 million company raised the first tranche of this round worth $26.5 million.
Neo Group claims that it manages nearly Rs 35,000 crore in wealth management assets and over Rs 6,000 crore in alternative asset management.
The Mumbai-based company provides advisory and yield-based investment solutions to high and ultra-high net worth individuals which includes indigenous family offices. While focusing on the areas of credit and real assets, the platform has also launched bespoke funds that provide capital solutions to companies providing risk-adjusted returns for investors.
The firm reported a nine-fold growth in its revenue to Rs 65 crore in the fiscal year ending March 2023 (FY23). It achieved this growth with a mere loss of Rs 3.6 crore during FY23. The company is yet to disclose its FY24 results.
Peak VV was the largest external shareholder, holding 22.22% of the company. The company’s co-founders Nitin Jain, Varun Bajpai, and Hemant Dogra collectively held 63.81% of the company prior to this funding round.
In the ongoing calendar year, more than half a dozen wealth tech startups have raised funds. Recently, Stable Money raised $15 million while Deserv raised about $32 million. Fisdom, Powder, Wealthy, and Infinyte Club also scored decent funding in the past year.
