A startup called Neo Group, which helps people in India manage their wealth, has received a fresh round of funding. This time, they received Rs 400 crore (approximately USD 47 million) from MUFG Bank in Japan and Euclidean Capital in New York. Peak XV Partners, which previously invested around USD 35 million, also joined this funding round.

The company will use the funds to grow its wealth management services and support its asset management business. Neo has a specialised platform for larger clients in India and currently manages almost Rs 35,000 crore (over USD 4 billion) in wealth management assets and over Rs 6,000 crore (around USD USD 714 million) in alternative investments.

Nitin Jain, the managing director of Neo Wealth & Asset Management, mentioned that the new funding brings the company’s equity base to Rs 1,000 crore. He also expressed excitement about partnering with global institutions and delivering high-quality investment products and solutions transparently and cost-efficiently.

Established in 2021 by Nitin Jain, who was previously the chief executive at Edelweiss Financial Services, Neo provides financial advisory services to high-net-worth and ultra-high-net-worth consumers and multi-family office segments.

MUFG Bank’s deputy chief executive officer in India, Shashank Joshi, noted that India’s wealth management sector has great growth potential, making it a significant opportunity. This investment is MUFG Bank’s first step into wealth management in India, supporting Neo’s expansion.

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