The wealth and asset management firm Neo has successfully raised Rs 32 crore (equivalent to approximately $4 million) through a private placement. 2024 marks the initial round of investment for the Mumbai-based startup.
Neo’s board has approved a special resolution to offer 1226 equity shares at a price of Rs 2,60,799 each, with the goal of raising Rs 32 crore (about $3.85 million).
As per the company’s statement, the cash would be allocated towards expanding the firm and supporting its operational activities.
Read also – Vanta Raises $150 Mn Funding Round from Sequoia Capital
Neo offers advising and yield-based investment solutions to high-net-worth clients, including some of the wealthiest individuals in the country. The company asserts that it delivers these services in a transparent and cost-effective manner.
The company asserts that it possesses over $3 billion (about Rs 25,000 crore) in assets under advisement (AUA), which includes $360 million (roughly Rs 3,000 crore) in assets under management (AUM).
About Neo
Founded in 2021 by Nitin Jain, Neo Group is a new-age wealth, asset and risk management platform that aims to provide clients with unbiased investment solutions in a transparent and cost-efficient manner.
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