Neo Group, a new-age wealth and asset management startup, has raised Rs 400 crore in its latest funding round led by MUFG Bank, Japan’s premier bank, and New York-based Euclidean Capital. Existing investor Peak XV Partners (formerly Sequoia India) also participated in the round.
“This capital takes our equity base to Rs 1,000 crore and marks a fantastic close to all equity fundraise requirement in NIVA,” said Nitin Jain, Chairman & 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 deliver world class investment products and solutions in an unbiased, transparent, and cost-efficient manner,” he added.
Launched in 2021, Mumbai-based Neo Group offers financial advisory and engagement to high net-worth individuals(HNIs), ultra HNIs, and multi-family offices. It is creating a platform for transactions and consolidated portfolio reporting across various products, asset classes, and instruments.
Shashank Joshi, Deputy CEO for MUFG India, said, “We are excited to partner with the Neo management team, who have impressively grown their AUA (assets under administration) to Rs 35,000 crore in wealth management business and INR 6,000 crore in AUM (assets under management) in their asset management business.”
This investment marks MUFG Bank’s first investment in wealth management in India, the statement said.
Neo Group had raised $35 million from Peak XV Partners in October last year.
