Neo Wealth and Asset Management, part of Neo Group, on Wednesday mentioned it has raised $35 million (round ₹300 crore) in a funding spherical from Peak XV Partners.
The fund will assist in catalyzing progress initiatives at Neo, develop and broaden the wealth administration enterprise, deepen the asset administration franchise, and assist appeal to prime expertise, the corporate mentioned in a press release.
With over ₹25,000 crore in belongings below advisement (AUA), together with ₹3,000 crore in belongings below administration (AUM), Neo offers monetary advisory and engagement to its shoppers and is constructing a one-stop platform to allow transacting and consolidated portfolio reporting throughout merchandise, asset lessons and devices.
Launched in 2021, Neo has over 1,000 shoppers throughout HNIs (excessive networth people), UHNIs (extremely excessive networth people) and multi-family workplace 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, Neo Wealth and Asset Management, mentioned.
Neo was based by business veterans who’ve led among the best monetary establishments in the nation to their success. Nitin Jain, ex-CEO of Edelweiss Wealth and Asset Management and the founding group have constructed and managed belongings over $40 billion in the wealth in addition to asset administration house.
Peak XV, previously Sequoia Capital India and SEA, is a number one enterprise capital agency investing throughout India, Southeast Asia and past.
“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 ₹20,000 crore in AUA in their wealth business and ₹3,000 crore in AUM in the asset management business,” Sakshi Chopra, MD, Peak XV, mentioned.
