![[Funding alert] Asset Management Platform Neo Secures $35 Mn From Peak XV Partners](https://viestories.com/wp-content/uploads/2023/10/Asset-management-Platform-Neo-Secures-35-Mn-From-Peak-XV-Partners.webp "Asset-management-Platform-Neo-Secures-35-Mn-From-Peak-XV-Partners")
Neo Group, a wealth and asset management company, secured $35 million from Peak XV Partners as part of its most recent round of funding.
The company intends to use the funds to expand its reach and hire top talent globally. The money raised will also be used to capitalize the group’s internal non-banking finance company (NBFC), which will then be able to extend credit to customers, as well as to fund more recent initiatives.
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“We have achieved some good traction than what we expected in a very short time and feel confident to now be a reasonable challenger to large firms in the country,” said Nitin Jain, Chairman and Managing Director of Neo Group.
Since its founding, the company has managed close to $360 million (roughly Rs 3,000 crore) in assets.
“We felt the team here was really experienced and have a lot of shared values. Wealth management is a large market and it is growing at 15% to 20% CAGR (compound annual growth rate) and with new millionaires being added, we feel this industry will be growing at the same rate for many years,” said Sakshi Chopra, managing director, Peak XV Partners.
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Neo Special Credit Opportunities Fund and Neo Infrastructure Income Opportunities Fund are two funds for alternative investments that the company has launched.
About Neo
Neo Group is a modern, client-centered Asset Management and Financial Advisory platform that aims to offer clients solutions that are open, affordable, and objective. Neo Group serves a large diaspora of institutional and retail customers throughout India through its various business lines with the goal of enabling them to pursue their dreams. Neo’s overarching objective is to support India’s glorious aspiration for independence and egalitarian prosperity.
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