Wealth and asset management startup Neo Group has secured ₹400 crore (approximately $47 million) in a new equity funding round. This round was led by Japanese lender MUFG Bank and New York-based Euclidean Capital. Peak XV Partners, which had previously invested about $35 million in October of the previous year, also participated in this round. The company announced the funding on Monday.
The new capital will be directed towards expanding Neo’s wealth management division and supporting its asset management operations. Neo has developed a specialized platform tailored for large and sophisticated clients in India, differentiating itself from the more generic wealth management services currently available in the market.
The company manages nearly ₹35,000 crore (over $4 billion) in wealth management assets and more than ₹6,000 crore (around $714 million) in alternative assets.
With this latest funding, Neo’s equity base has reached ₹1,000 crore, according to Nitin Jain, Managing Director of Neo Wealth & Asset Management. Jain expressed enthusiasm about partnering with leading global institutions and reaffirmed the company’s commitment to providing world-class investment products and solutions in an unbiased, transparent, and cost-effective manner.
Founded in 2021 by Jain, who was previously the CEO at Edelweiss Financial Services, Neo offers financial advisory services to clients ranging from high net worth to ultra-high-net-worth individuals and multi-family offices. In addition, Neo is developing a platform for consolidated portfolio reporting across various products, asset classes, and instruments.
Shashank Joshi, Deputy Chief Executive Officer at MUFG India, highlighted that India’s wealth management sector is poised for significant growth, and this investment represents MUFG Bank’s initial foray into India’s wealth management space, supporting Neo’s expansion.
