Neo Secures Fresh Capital for Expansion
Neo Secures 4 Mn Fresh Funding Round 
Neo, a prominent wealth and asset management firm headquartered in Mumbai, has successfully secured Rs 32 crore (approximately $4 million) through a private placement round. This marks the company’s initial fundraising endeavor in 2024.
Investor Participation and Valuation
A special resolution approved by Neo’s board authorized the issuance of 1226 equity shares at a price of Rs 2,60,799 per share, culminating in a total investment of Rs 32 crore ($3.85 million). Morde Foods emerged as the lead investor, contributing Rs 20 crore, while SN Damani Developers and Bridgemonte Advisors injected Rs 10 crore and Rs 2 crore, respectively.
Post-investment, Neo’s valuation surged to approximately Rs 1,349 crore ($162.5 million). The newly acquired capital will be strategically deployed to fuel business growth and operational enhancement.
Shareholding Structure and Growth Trajectory
Morde Foods has secured a 1.48% stake in Neo, while SN Damani Developers and Bridgemonte Advisors hold 0.74% and 0.15% equity, respectively.
Neo has garnered substantial investor interest, accumulating a total of $78 million in funding, including a $35 million Series B round spearheaded by Peak XV (formerly Sequoia Capital) in October of the previous year.
Client Focus and Financial Performance
Founded by Nitin Jain, Neo specializes in providing bespoke advisory and yield-oriented investment solutions to a clientele comprising some of India’s most affluent individuals. The company emphasizes transparency and cost-efficiency in its service delivery.
Neo boasts an impressive asset under advisement (AUA) of over $3 billion (approximately Rs 25,000 crore) and manages assets worth $360 million (around Rs 3,000 crore).
The company has exhibited remarkable growth, achieving a ninefold increase in revenue to Rs 65.1 crore during the fiscal year ending March 2023, while incurring a modest loss of Rs 3.6 crore. Neo is currently in the process of finalizing its financial report for the fiscal year ending March 2024.