Neo, a wealth and asset management company, has initiated its Series B funding round, securing Rs 220 crore ($26.5 million). Crystal Investment primarily led this round, which contributed Rs 140 crore ($16.8 million). Additional participation came from Mufg Bank and individual investor Deepak Agarwal, investing Rs 78 crore and Rs 2 crore, respectively.
The Series B preference shares were issued at Rs 3,12,421 each, as detailed in Neo’s regulatory filing with the Registrar of Companies (RoC). This round follows closely behind Neo’s previous significant funding, a $35 million Series A round led by Peak XV just nine months earlier.
Post-allotment, Neo’s valuation stands at approximately Rs 1,920 crore ($231 million), according to TheKredible. To date, Neo has raised around $104 million. Before this Series B funding, Peak XV was the largest external shareholder with a 22.22% stake, while Neo’s co-founders—Nitin Jain, Varun Bajpai, and Hemant Dogra—held a collective 63.81% stake.
Neo, established three years ago, focuses on advisory and yield-based investment solutions for high and ultra-high-net-worth individuals, including Indigenous family offices. The company exhibited remarkable growth in FY23, with revenues surging 9X to Rs 65.1 crore and a minimal loss of Rs 3.6 crore. The FY24 results are yet to be disclosed.
