Neo Set to Raise $19 Million as Valuation Jumps 2.7X
· Neo secures Rs 162 Cr ($19 Mn) funding led by VT Capital at a $686 Mn valuation.
· Valuation jumps 2.7X from $250 Mn in its previous funding round.
· Firm manages Rs 35,000 Cr in wealth management assets and Rs 6,000 Cr in alternatives.
Consumer-focused wealth and asset management firm Neo is finalizing a Rs 162 crore (approx. $19 million) equity round, VT Capital led with participation from 17 other investors.
According to regulatory filings with the Registrar of Companies (RoC), Neo’s board approved the issuance of 1,887 equity shares at Rs 8,60,410 each to raise the funds. VT Capital will contribute Rs 50 crore, while individual investor Ramesh Kunhikannan is committing Rs 20 crore. Other participants include Sattva Family Office, Biological E Ltd, Usha Reddy Chigarapalli, and Akshat Greentech Private Limited, each investing Rs 10 crore.
Mumbai-based VT Capital, a proprietary trading platform, has previously backed startups such as Noble (hygiene products), Purplle (beauty and personal care), and Fractal Analytics (AI solutions).
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Based on Entrackr’s estimates, Neo’s post-money valuation will touch around $686 million, marking a 2.7X surge from its previous $250 million valuation.
Neo has already raised $120 million across earlier rounds, including a $48 million fundraise in August 2024 and a $35 million Series B round in October 2023.
The Mumbai-headquartered firm caters to wealthy individuals and family offices, specializing in credit and real estate investments. It also manages funds that provide growth capital to companies while aiming for steady returns for investors. Neo claims to oversee Rs 35,000 crore in wealth management assets and Rs 6,000 crore in alternative assets.
Before this round, Peak XV held the largest external stake at 19.29%, followed by Crystal Investment Advisors LLP (Artha Group) with 6.74%. Among the co-founders, Nitin Jain owned 30.09%, Varun Bajpai 15.04%, and Hemant Daga 4.51%.
Earlier this year, Neo Assets closed the first tranche of its second private credit fund at Rs 2,000 crore. Registered with SEBI, the fund provides credit solutions to unlisted companies and invests in secondary stakes.
For FY24, Neo reported a 2.4X YoY revenue increase to Rs 149 crore, while losses rose to Rs 13.7 crore. The company has yet to file its FY25 results.
