Wealth and asset management firm Neo has secured ₹32 crore (approximately $4 million) through a private placement. This marks the company’s initial investment round of 2024. The board of Neo has authorized the issuance of 1,226 equity shares at ₹2,60,799 each, aimed at raising ₹32 crore (around $3.85 million), as detailed in their regulatory filing with the Registrar of Companies (RoC).
Morde Foods contributed ₹20 crore, while SN Damani Developers and Bridgemonte Advisors invested ₹10 crore and ₹2 crore, respectively. The raised funds are designated for business expansion and operational needs. Post-investment, Morde Foods will own a 1.48% stake, with SN Damani Developers and Bridgemonte Advisors holding 0.74% and 0.15%, respectively.
To date, Neo has raised approximately $78 million, including a $35 million Series B round led by Peak XV (formerly Sequoia Capital) in October of the previous year.
Founded by Nitin Jain, Neo offers advisory and yield-based investment solutions to some of India’s top billionaires, focusing on transparency and cost-effectiveness. The company reports managing over $3 billion (about ₹25,000 crore) in assets under advisement (AUA), with $360 million (around ₹3,000 crore) in assets under management (AUM).
For the fiscal year ending March 2023, Neo achieved a 9X revenue growth to ₹65.1 crore, with a modest loss of ₹3.6 crore. The company has yet to file its annual report for FY24.
