Wealth and Asset Management company NEO has successfully raised Rs220 Crore or $26.5 million and kick off with Series B round which is led by Crystal Investment. In the past 9 months this is the second significant round for the following company.
Neo provides advisory and yield-based investment solutions to both high and ultra net worth individuals along with indigenous family offices.
The board at Neo has approved to issue Series B preference shares at an issue price of Rs 3,12,421 each to raise $26.5 million, it is shown by its regulatory filling accessed from the Registrar of Companies (RoC).
Crystal investments pumped in Rs 140 Crore which is approximately $16.8 million, while Mufg Bank and other individual investor Deepak Agarwal participated with a budget of Rs 78 Crore and Rs 2 Crore respectively.
This may look like an ongoing round and it is predicted that the company will raise more funds in the future. As per some reports, the company has been valued at around Rs 1,920 Crore or $231 million in the post-allotment.
Till now Neo has raised around $104 million including its $35 million Series A round which was led by Peak XV in last year’s October.
According to some statements, Peak VV was the largest external shareholder of the company, holding 22.22% of the company. Meanwhile, its co-founders, Nitin Jain, Varun Bajpai, and Hemant Dogra collectively held 63.81% of the company before this funding round.
Neo saw a super growth in the fiscal year ending March 2023 as its revenue skyrocketed 9x times to Rs 65.1 Crore with a net loss of Rs 3.6 Crore during FY23. The company is yet to disclose its performance in FY24.
