Wealth and asset management firm Neo Group has raised ₹400 crore in its latest funding round led by MUFG Bank (MUFG), Japan’s premier bank, and New York-based Euclidean Capital LLC. Additionally, existing investor Peak XV Partners (formerly Sequoia India) has also participated in this round, a sign of their continued confidence in Neo’s journey.
The raised funds will be used to expand wealth management division and enhance sponsor support for its asset management business.
Founded in 2021 by former chief executive of Edelweiss Financial Services, Nitin Jain, Neo provides wealth advisory services to high and ultra-high net worth individuals besides domestic family offices.
The company currently has ₹35,000 crore in Wealth Management assets, over ₹6,000 crore in Alternative Asset Management
On the asset management front, Neo works towards providing alternative investment solutions focusing on the private credit and real asset space such as real estate, energy and infrastructure.
The firm said it is significantly capitalised with approximately ₹1,000 crore in equity capital, demonstrating both scale and impressive profitability.
Commenting on the fundraise, Nitin Jain, Chairman & Managing Director, Neo Wealth and Asset Management shared, “This capital takes our equity base to 1,000 crore and marks a fantastic close to all equity fundraise requirement in NIVA. We are really excited to partner with some of the finest global institutions and continue to stay committed to deliver world class investment products and solutions in an unbiased, transparent and cost-efficient manner.”
In October, the firm had raised $35 million (about ₹291 crore) from Peak XV Partners. Neo has raised around $104 million to date.