Wealth Tech Funding was led MUFG, Euclidean Capital LLC
Wealth Tech Firm Neo backed by Peak XV Partners raises Rs 400 crore led by Japan’s MUFG Bank and New York-based Euclidean Capital LLC.
In just a few years since its launch in 2021, Neo has grown to manage ₹20,000 crore in AUA in their wealth business and ₹3,000 crore in AUM.
Peak XV Partners, formerly known as Sequoia India, which had invested USD 35 million in October 2023. Launched in 2021, Neo is a new-age, focused wealth and asset management catering to high-net-worth individuals (HNIs), ultra-high-net-worth individuals (UHNIs), and multi-family offices.
The funds would be used to expand Neo’s wealth- management division and enhance sponsor support for its growing asset management business, the group said in a statement on August 12.
“This capital takes our equity base to 1,000 crore and marks a fantastic close to all equity fundraise requirement in NIVA. 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,” Neo Wealth and Asset Management chairman and managing director Nitin Jain said.
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India’s wealth management market touched $429.1 billion in 2023 and is projected to grow at a CAGR of 4.56 percent during 2025–2029, market research firm TechSci Research estimates.
“This capital takes our equity base to Rs 1,000 crore and marks a fantastic close to all equity fundraising requirements in NIVA,” Nitin Jain, Chairman & Managing Director of Neo Wealth and Asset Management, said.
