Mumbai-based asset and wealth management firm Neo Group has raised Rs 400 crore in a Series B funding round funds round led by Japan’s MUFG Bank and New York’s Euclidean Capital, with participation from existing investors Peak XV Partners (formerly Sequoia India).
The latest funding takes Neo Group’s total equity base to Rs 1,000 crore.
Focused on expansion
The firm plans to use the new funds to expand its asset management division and enhance its asset management business.
Neo Group, which was launched in 2021 by Nitin Jain, Varun Bajpai and Hemant Dogra, has quickly positioned itself as a major player in the financial advisory space, targeting high net worth individuals (HNIs), ultra-HNIs and multi-family offices.
The firm offers a comprehensive platform that enables consolidated portfolio transactions and reporting across a wide range of products, asset classes and instruments.
Comments from the leaders
Nitin Jain, Chairman and Managing Director, Neo Wealth and Asset Management, said, “We are excited to partner with some of the best global institutions and remain committed to delivering top-notch investment products and solutions in an unbiased, transparent and cost-effective manner.”
Highlighting the significance of this investment, Shashank Joshi, Deputy CEO, MUFG India, said, “We are excited to partner with the management team at Neo, which has impressively grown its AUA (Assets Under Management) to Rs 35,000 crore in wealth management business and Rs 6,000 crore in AUM (Assets Under Management) in its asset management business.” This investment marks MUFG Bank’s first foray into the Indian wealth management sector.
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