Wealth & Asset management Startup 'Neo' nets Rs.400 crore in Series B
Neo, a wealth and asset management company has raised Rs.400 crore or $48 million in Series B funding round directed by MUFG Bank and New York-based Euclidean Capital LLC.
Existing financial backer Peak XV Partners additionally partook in this round. The freshly raised funding will be utilized to grow Neo’s wealth and asset management division and upgrade support for its resource the executives business, the organization said in a public statement.
With this, Neo has raised around Rs.1, 000 crore ($120 million) in value capital including a $35 million round from Peak XV in October last year. Recently, the organization raised the main tranche of this funding round worth $26.5 million.
According to startup intelligence platform, TheKredible, the startup was esteemed at around $231 million.
Mumbai-based Neo gives advisory and yield-based investment solutions for high and super high total assets people including ingenious family workplaces. Centering in the area of credit and genuine resources, the stage has likewise launched tailor made funding’s that give capital solutions for organizations giving risk managed financial returns for financial backers.
Neo group claims that it oversees almost Rs.35, 000 crore in wealth management resources and over Rs.6, 000 crore in alternative asset management.
The three-year-old firm revealed a 9 times development in its income to Rs.65 crore in the financial year finishing March 2023 (FY23). Essentially, it accomplished such development with a minimal loss of Rs.3.6 crore during FY23. The company has not released its FY24 financial results yet.
As indicated by TheKredible, Peak XV was the biggest external investor, holding 22.22% of the organization. The Co-founders of the organization — Nitin Jain, Varun Bajpai, and Hemant Dogra — altogether held 63.81 percent before this funding round. The major part of wealthtech startups have brought assets up in the following calendar year. Lately, Stable Money raised $15 million while Deserv rounded up $32 million. Fisdom, Powder, Wealthy and Infynite Club raised significant amount of funding last year.
Existing financial backer Peak XV Partners additionally partook in this round. The freshly raised funding will be utilized to grow Neo’s wealth and asset management division and upgrade support for its resource the executives business, the organization said in a public statement.
With this, Neo has raised around Rs.1, 000 crore ($120 million) in value capital including a $35 million round from Peak XV in October last year. Recently, the organization raised the main tranche of this funding round worth $26.5 million.
According to startup intelligence platform, TheKredible, the startup was esteemed at around $231 million.
Mumbai-based Neo gives advisory and yield-based investment solutions for high and super high total assets people including ingenious family workplaces. Centering in the area of credit and genuine resources, the stage has likewise launched tailor made funding’s that give capital solutions for organizations giving risk managed financial returns for financial backers.
Neo group claims that it oversees almost Rs.35, 000 crore in wealth management resources and over Rs.6, 000 crore in alternative asset management.
The three-year-old firm revealed a 9 times development in its income to Rs.65 crore in the financial year finishing March 2023 (FY23). Essentially, it accomplished such development with a minimal loss of Rs.3.6 crore during FY23. The company has not released its FY24 financial results yet.
As indicated by TheKredible, Peak XV was the biggest external investor, holding 22.22% of the organization. The Co-founders of the organization — Nitin Jain, Varun Bajpai, and Hemant Dogra — altogether held 63.81 percent before this funding round. The major part of wealthtech startups have brought assets up in the following calendar year. Lately, Stable Money raised $15 million while Deserv rounded up $32 million. Fisdom, Powder, Wealthy and Infynite Club raised significant amount of funding last year.
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