Wealth Management Firm Neo Secures INR 400 Cr in Series B Round Led by MUFG Bank and Euclidean Capital The newly acquired funds will be directed towards expanding Neo's wealth management division and bolstering its asset management business, as per the company statements.
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Wealth and asset management firm Neo has announced the raising of INR 400 crore (approximately USD 48 million) in a Series B funding round. The investment was led by MUFG Bank and New York-based Euclidean Capital LLC, with existing investor Peak XV Partners also participating.
The newly acquired funds will be directed towards expanding Neo's wealth management division and bolstering its asset management business, as per the company statements.
"This capital takes our equity base to INR 1,000 crore and marks a fantastic close to all equity fundraise requirements in NIVA (Neo Investment Value Advisors)," said Nitin Jain, Chairman and Managing Director, Neo Wealth and Asset Management, in a statement.
"We are really excited to partner with some of the finest global institutions and continue to stay committed to delivering world-class investment products and solutions in an unbiased, transparent, and cost-efficient manner," he added.
Earlier in the month, Neo secured the initial tranche of this round, totaling USD 26.5 million. The firm had previously raised USD 35 million from Peak XV Partners in October of the previous year.
Founded in 2021, Mumbai-based Neo Group specialises in providing financial advisory and services to high-net-worth individuals (HNWIs), ultra-HNWIs, and multi-family offices. The company is building a comprehensive platform for transactions and consolidated portfolio reporting across diverse products, asset classes, and instruments.
Focusing in the areas of credit and real assets, the platform has also launched bespoke funds that provide capital solutions to companies, providing risk-adjusted returns for investors.
Shashank Joshi, Deputy CEO for MUFG India, added, "We are excited to partner with the Neo management team, who have impressively grown their AUA (assets under administration) to INR 35,000 crore in wealth management business and INR 6,000 crore in AUM (assets under management) in their asset management business."
