Neo is a wealthtech startup that secured 48 million USD in its series B funding round led by MUFG Capital and Euclidean Capital LLC. The funding round had the participation of existing investors including Peak XV Partners. The startup plans to use this fund to scale its operations, expand its division, enhance its support for asset management business, and expand its market presence.
The wealthtech startup provides advisory and asset management solutions to retail investors. The company offers an asset management platform that uses cutting-edge technologies to enable its customers to access financial advisory and wealth management professionals. The startup has secured over $120 million in equity capital, including $30 million raised during a funding round led by Peak XV last year. The startup data intelligence platform, thekredible reported that the estimated post-money valuation of the startup was around 231 million USD after the first tranche of $26.5 million. The application aims to offer clients transparent and unbiased investment solutions with a cost-efficient approach. The platform focuses on credits and real assets areas.
The startup claims to have managed over Rs 35,000 crore in Assets under wealth management and Rs 6,000 crore in alternative asset management. Before this round, Peak XV was the largest external shareholder with a 22.22 percent stake in the company, followed by the co-founders of the company with 63.81 percent. According to the data intelligence platform, traxcn the company has secured around $70.3 million across three rounds since its inception, including the $35 million raised in its series B funding round. Neo faces competition from other wealthtech companies in this segment such as Fidelity Investments, Navi, Wealthy, and more.
The wealthtech startup provides financial solutions to develop highly engaging and consultative processes. The company announced that it saw a nine-fold increase in its revenue to Rs 65 Crore in FY23. Meanwhile, the firm controlled its losses and reported a loss of Rs 3.6 crore in the same duration. The startup plans to use the investment to strengthen its platform and make it more secure while increasing its brand presence. The development came just when the wealth-tech sector saw increased interest from investors. Stable Money secured $15 million this year. Neo also launched bespoke funds companies offering risk-adjusted returns for investors with capital solutions.
Conclusion:
Neo is a Mumbai-based wealthtech startup that provides an online wealth and asset management platform for financial advisory. The startup secured a fresh capital of $48 million from Euclidean Capital LLC and MUFG Capital with the participation of existing investor Peak XV partners. The kredible mentioned that the post-money allotment valuation of the company at $231 million. Peak XV was the largest external stakeholder with 22.22 percent of the Neo before this round. The startup claims to offer assets management and investment solutions. The startup aims to strengthen its position and provide more innovative wealthtech solutions. The platform claims to manage Rs 35,000 crore in Assets wealth management and Rs 6,000 crore in alternative asset management.
