![Separator Separator](https://www.siliconindia.com/images/simag_images/images/line.png)
Peak XV backed Wealthtech platform Neo successfully lifts up $4 million
![Separator Separator](https://www.siliconindia.com/images/simag_images/images/line.png)
Wealthtech and asset management platform Neo has bagged nearly $4 million which is equivalent to Rs. 32 crore through private placement. This funding round is the first ever investment for the Mumbai-based company in 2024.
The managerial board at Neo has passed a resolution to issue 1226 equity shares at an issue price of Rs. 2,60,799 each to raise Rs. 32 crore which is nearly $3.85 million, according to its regulatory filing, which was accessed from the Registrar of Companies (RoC).
Morde Foods has invested Rs. 20 crore while SN Damani Developers and Bridgemonte Advisors pumped in Rs. 10 crore and Rs.2 crore respectively.
The company mentioned that, the funds will be used for the growth and business operations. As per estimates of startup data intelligence platform,
TheKredible, the company has been valued at around Rs. 1,349 crore or $162.5 million post-allotment.
Established by Nitin Jain, Neo provides advising and yield-based investment solutions to high-net-worth clients, including some of the wealthiest individuals in the country. It has already offered services to some of the top billionaires in the country, with advisory and yield-based investment solutions which it claims to deliver in a transparent and cost-effective manner.
Following the latest funding round, Morde Foods will hold a 1.48% stake in Neo Wealth, with S N Damani Developers and Bridgemonte Advisors holding 0.74% and 0.15% respectively. Neo Wealth has raised approximately $78 million to date, which includes a $35 million Series B round led by Peak XV (formerly Sequoia Capital) in October of last year.
The company has asserted that, it has more than $3 billion which is close to Rs. 25,000 crore in assets under advisement (AUA), including $360 million or around Rs.3,000 crore in assets under management (AUM).
Neo has showed 9X growth to Rs. 65.1 crore in revenue with a mere loss of Rs. 3.6 crore during the fiscal year ending March 2023. The company is yet to file its annual report for FY24.
The managerial board at Neo has passed a resolution to issue 1226 equity shares at an issue price of Rs. 2,60,799 each to raise Rs. 32 crore which is nearly $3.85 million, according to its regulatory filing, which was accessed from the Registrar of Companies (RoC).
Morde Foods has invested Rs. 20 crore while SN Damani Developers and Bridgemonte Advisors pumped in Rs. 10 crore and Rs.2 crore respectively.
The company mentioned that, the funds will be used for the growth and business operations. As per estimates of startup data intelligence platform,
TheKredible, the company has been valued at around Rs. 1,349 crore or $162.5 million post-allotment.
Established by Nitin Jain, Neo provides advising and yield-based investment solutions to high-net-worth clients, including some of the wealthiest individuals in the country. It has already offered services to some of the top billionaires in the country, with advisory and yield-based investment solutions which it claims to deliver in a transparent and cost-effective manner.
Following the latest funding round, Morde Foods will hold a 1.48% stake in Neo Wealth, with S N Damani Developers and Bridgemonte Advisors holding 0.74% and 0.15% respectively. Neo Wealth has raised approximately $78 million to date, which includes a $35 million Series B round led by Peak XV (formerly Sequoia Capital) in October of last year.
The company has asserted that, it has more than $3 billion which is close to Rs. 25,000 crore in assets under advisement (AUA), including $360 million or around Rs.3,000 crore in assets under management (AUM).
Neo has showed 9X growth to Rs. 65.1 crore in revenue with a mere loss of Rs. 3.6 crore during the fiscal year ending March 2023. The company is yet to file its annual report for FY24.