Wealth Management Firm Neo Raises Rs 221 Crore

Wealth management firm Neo has successfully secured Rs 221 crore (approximately $25 million) in a follow-on funding round spearheaded by Crystal Investment Advisors (Atha Group). This marks the second fundraising event for the Mumbai-based company within a span of four months.

As detailed in a regulatory filing from the Registrar of Companies (RoC), Neo’s board has sanctioned a resolution to allot 2,571 equity shares at a valuation of Rs 8,60,410 each, thereby achieving the amount noted above. Crystal Investment Advisors took the lead in this funding round, contributing Rs 193 crore, while Morde Foods Private Limited added Rs 28 crore to the pool. Neo intends to utilize this capital for growth and operational needs.

Startup Superb’s estimates indicate that this recent funding round values Neo at roughly $700 million on a post-money basis. This financing arrives just three months after Neo secured Rs 162 crore ($19 million) through equity shares in a round led by VT Capital, which saw the participation of 17 other investors. The details of this development were exclusively reported by Startup Superb.

During the $19 million fundraising round, Neo explained to Startup Superb that it had also procured $20 million in February (Q1 CY2025) from MUFG, Peak XV Partners, Euclidean Capital, and a significant Indian family office, valuing the company at a pre-money worth of Rs 5,500 crore (approximately $640 million). The current funding round has also been completed at the same valuation.

Neo’s Investment Offerings

Neo provides advisory and yield-oriented investment products to high-net-worth and ultra-high-net-worth individuals, including family offices. Earlier in the year, Neo Assets celebrated the initial closure of its second private credit fund at Rs 2,000 crore. Registered with SEBI, this fund offers credit solutions to unlisted companies and acquires secondary positions.

Financial Performance Overview

The firm has yet to disclose its financials for FY25. For the fiscal year ending March 2024, Neo witnessed a substantial 2.7X year-on-year increase in revenue, reaching Rs 177 crore, despite experiencing a widening of losses to Rs 13.7 crore during that same period.