Neo Wealth Management secures $35 Million Funding from Peak XV
Peak XV Partners (previously Sequoia India) has invested $35 million in Neo, a wealth and asset management business. This funding will be used to develop the company's business operations, strengthen its footprint in India, and investigate potential in tier-II and tier-III cities. Neo, which presently employs roughly 350 people, intends to expand its staff to around 500 people over the next 12-18 months.
Nithin Jain, Neo Group's founder and managing director, emphasized the value of hiring and developing outstanding people for the company's growth. Within the following 18 months, he plans to grow Neo's presence to 12-15 additional cities. Nithin Jain, the former CEO of wealth and asset management at Edelweiss Financial Services, founded Neo in 2021. Varun Bajpai, ex-country head at Macquarie Group, and Hemant Daga, ex-CEO of Edelweiss Asset Management.
Neo focuses on providing financial consulting and engagement services to its clients and is currently developing an all-in-one platform for transaction and portfolio management across many asset classes. It mostly serves HNIs, UHNIs, and multi-family offices. As it grows, the company intends to raise institutional money from domestic and foreign sources in order to expand its wealth and asset management solutions.
Neo presently handles around $3 billion in Assets Under Advice and $360 million in Assets Under Management (AUM). The company has lofty ambitions, with the aim to reach Rs 1 lakh crore in AUA plus AUM within the next 18-24 months. Neo is also pursuing a Non-Banking Financial Company (NBFC) license from the Reserve Bank of India in order to access the lending market. This will allow Neo to issue loans against mutual funds or bonds for short-term purposes, addressing the financial needs of its existing clients.
Peak XV Partners' investment brings Neo's total cash raised to almost Rs 700 crores. The company has previously received roughly Rs 400 crores in equity capital from unnamed private investors. According to Sakshi Chopra, MD of Peak XV, "wealth management in India, a $2.8 trillion industry, is a fertile market growing at a CAGR of 15-20 percent year on year". Nitin Jain and his colleagues have decades of industry experience and are trying to develop an institution of choice and trust for wealthy customers.
Nithin Jain, Neo Group's founder and managing director, emphasized the value of hiring and developing outstanding people for the company's growth. Within the following 18 months, he plans to grow Neo's presence to 12-15 additional cities. Nithin Jain, the former CEO of wealth and asset management at Edelweiss Financial Services, founded Neo in 2021. Varun Bajpai, ex-country head at Macquarie Group, and Hemant Daga, ex-CEO of Edelweiss Asset Management.
Neo focuses on providing financial consulting and engagement services to its clients and is currently developing an all-in-one platform for transaction and portfolio management across many asset classes. It mostly serves HNIs, UHNIs, and multi-family offices. As it grows, the company intends to raise institutional money from domestic and foreign sources in order to expand its wealth and asset management solutions.
Neo presently handles around $3 billion in Assets Under Advice and $360 million in Assets Under Management (AUM). The company has lofty ambitions, with the aim to reach Rs 1 lakh crore in AUA plus AUM within the next 18-24 months. Neo is also pursuing a Non-Banking Financial Company (NBFC) license from the Reserve Bank of India in order to access the lending market. This will allow Neo to issue loans against mutual funds or bonds for short-term purposes, addressing the financial needs of its existing clients.
Peak XV Partners' investment brings Neo's total cash raised to almost Rs 700 crores. The company has previously received roughly Rs 400 crores in equity capital from unnamed private investors. According to Sakshi Chopra, MD of Peak XV, "wealth management in India, a $2.8 trillion industry, is a fertile market growing at a CAGR of 15-20 percent year on year". Nitin Jain and his colleagues have decades of industry experience and are trying to develop an institution of choice and trust for wealthy customers.
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