Neo a Wealth and asset management firm has raised Rs 400 crore or $48 million in Series B round led by MUFG Bank and New York-based Euclidean Capital LLC. Peak XV Partners also participated in this round.

Neo has raised around 1,000 crore ($120 million) in equity capital including a $35 million round from Peak XV in October last year.

Earlier this month, The company raised the first tranche of this round worth $26.5 million. It was valued at around $231 million.

Neo provides advisory and yield-based investment solutions to high and ultra-high net worth individuals including indigenous family offices. Focusing in 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.

Firm claims that it manages nearly Rs 35,000 crore in wealth management assets and over Rs 6,000 crore in alternative asset management.

The three-year-old firm reported a nine-fold growth in its revenue to Rs 65 crore in the fiscal year ending March 2023 (FY23). Significantly, it achieved such growth with a mere loss of Rs 3.6 crore during FY23. The company has not disclosed its 2024 result.

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% prior to this funding round.

More than half a dozen wealthtech startups have raised funds in the ongoing calendar year. Recently, Stable Money raised $15 million while Deserv raked in $32 million. Fisdom, Powder, Wealthy and Infynite Club also scored decent funding in the past year.

 

visit: gamicaltech.com