Neo Group, a wealth and asset management firm, has raised ₹400 crore in its latest funding round, led by MUFG, Japan’s largest banking group, and New York-based Euclidean Capital. The round also saw participation from existing investor Peak XV Partners, which had previously invested $35 million in October 2023.
Nitin Jain, Chairman & MD of Neo Group, highlighted that the fresh infusion of capital is set to fuel Neo Group’s ambitious expansion plans, particularly into tier-II and tier-III cities in India, as well as the establishment of international offices in major financial hubs.
“One of our biggest initiatives in the next 12 to 18 months is to expand into tier-II and tier-III cities. So we will need to set up new offices, we will need to hire a lot of new bankers across these places, and we need to make meaningful investments in that,” Jain said.
Neo Group is eyeing the global market with plans to set up full-fledged offices in Dubai, Singapore, London, and New York. Jain noted that these international offices would be operational within the next 18 months.
The firm’s asset management division is also poised for growth, with plans to launch a second private credit fund by December. The first fund, which closed at approximately ₹2,600 crore, was a significant success. The second fund is expected to be closer to a billion dollars, underscoring the firm’s confidence in the private credit market.