Mumbai-based wealth and asset management firm Neo Group raises Rs 400 crore

Mumbai-based wealth and asset management firm Neo Group has raised Rs 400 crore in a Series B funding round led by Japan's MUFG Bank and New York's Euclidean Capital, with participation from existing investor Peak XV Partners (formerly Sequoia India).

The latest funding brings Neo Group's total equity base to Rs 1,000 crore.

Focused on expansion

The firm plans to use the fresh funds to expand its management division and enhance its asset management business.

Neo Group, which was launched in 2021 by Nitin Jain, Varun Bajpai, and Hemant Dogra, has rapidly positioned itself as a significant 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 transactions and consolidated portfolio reporting across a wide array of products, asset classes, and instruments.

Leadership comments 

Nitin Jain, Chairman and Managing Director of Neo Wealth and Asset Management, said, “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.”

Shashank Joshi, Deputy CEO of MUFG India, highlighted the significance of this investment, saying, “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 Rs 6,000 crore in AUM (assets under management) in their asset management business." This investment marks MUFG Bank's first foray into the Indian wealth management sector.