Mumbai-based wealth and asset management firm Neo Group has successfully raised Rs 400 crore in a Series B funding round. This round was led by Japan’s MUFG Bank and New York’s Euclidean Capital, with existing investor Peak XV Partners (formerly known as Sequoia India) also participating. The latest infusion of capital brings Neo Group’s total equity base to Rs 1,000 crore, marking a significant milestone for the company.
Focus on Business Growth
Neo Group plans to utilize the newly raised funds to further expand its management division and enhance its asset management business. Since its launch in 2021, Neo Group has quickly established itself as a key player in the financial advisory sector, particularly catering to high-net-worth individuals (HNIs), ultra-HNIs, and multi-family offices. The firm offers a comprehensive platform that supports transactions and consolidated portfolio reporting across a wide range of products, asset classes, and financial instruments.
Neo Group Leadership Vision
Nitin Jain, Chairman and Managing Director of Neo Wealth and Asset Management, expressed his enthusiasm about the partnership with leading global institutions. He stated, “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.”
Strategic Investment by MUFG Bank
Shashank Joshi, Deputy CEO of MUFG India, emphasized the significance of this investment. He remarked, “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 the wealth management business and Rs 6,000 crore in AUM (assets under management) in their asset management business.” This investment marks MUFG Bank’s first venture into the Indian wealth management sector, highlighting their confidence in Neo Group’s growth potential and strategic direction.
The successful Series B funding round positions Neo Group for further expansion in the wealth and asset management space. With strong backing from global financial institutions, the firm is poised to continue its rapid growth, offering sophisticated financial solutions to its high-net-worth clients in India.
