Neo secures $35M in funding from Peak XV Partners
Launched in 2021, Neo has over 1,000 clients across HNIs, UHNIs, and multi-family office segments. The fund will aid in catalysing its growth initiatives.
Neo Wealth and Asset Management, a part of Neo Group, on Wednesday said it has raised $35 million (around Rs 300 crore) in a funding round from Peak XV Partners.
The fund will aid in catalysing growth initiatives at Neo, develop and expand the wealth management business, deepen the asset management franchise, and help attract top talent, the company said in a statement.
With over Rs 25,000 crore in assets under advisement (AUA), including Rs 3,000 crore in assets under management (AUM), Neo provides financial advisory and engagement to its clients and is building a one-stop platform to enable transacting and consolidated portfolio reporting across products, asset classes, and instruments.
Launched in 2021, Neo has over 1,000 clients across HNIs (high net-worth individuals), UHNIs (ultra high net-worth individuals), and multi-family office segments.
"This alliance is more than just a strategic move. In fact, with this powerful collaboration, we are better equipped than ever to offer innovative solutions, deliver exceptional value, and empower our clients to achieve their financial goals," Nitin Jain, Chairman and Managing Director of Neo Wealth and Asset Management, said.
Neo was founded by industry veterans who have led some of the finest financial institutions in the country to their success. Nitin Jain, ex-CEO of Edelweiss Wealth and Asset Management, and the founding team have built and managed assets of over $40 billion in the wealth and asset management space.
Peak XV, formerly Sequoia Capital India and SEA, is a leading venture capital firm investing across India, Southeast Asia and beyond.
"Wealth management in India, a $2.8 trillion industry, is a fertile market growing at a CAGR of 15-20% year-on-year. In just a few years of launch, Neo has grown to manage Rs 20,000 crore in AUA in their wealth business and Rs 3,000 crore in AUM in the asset management business," Sakshi Chopra, MD, Peak XV, said.
Edited by Suman Singh