Wealth and asset management platform Neo Wealth secured $4 million in fresh capital 


Wealth and asset management platform Neo Wealth secured $4 million in fresh capital 
Wealth and asset management platform Neo Wealth secured $4 million in fresh capital 
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Neo is an asset and wealth management startup that has secured $4 million in its funding round for this year. This funding was raised through a private placement with the participation of various investors. Morde Foods led the round with a Rs 20 crore investment, followed by SN Damani Developers with Rs 10 crore, and Bridgestone Advisors made the rest of the Rs 2 crore investment. We are discussing Wealth and asset management platform Neo Wealth secured $4 million in fresh capital.

Neo
Image source: neo

We are discussing Wealth and asset management platform Neo Wealth secured $4 million in fresh capital:

The board has approved a resolution to allot 1226 equity shares at an issue price of Rs 2,60,799 each to raise around $3.85 million. According to the company filing, the startup will use these fresh proceeds for business growth, working capital purposes, and market expansion. The company specializes in offering advisory and investment management solutions to retail investors. The startup provides an assets management platform that uses cutting-edge technologies to offer its customers financial advisory and access to wealth management professionals. The startup data intelligence platform, the credible, estimated the post-money valuation of the startup to be around $162.5 million. The application aims to offer clients unbiased investment solutions with a transparent and cost-efficient approach. 

The startup claims to have more than Rs 25,000 crore in Assets Under Advice, including Rs 3000 crore in assets under management. After this round, Morde Foods holds the most significant stake in the firm at 1.48 percent, followed by SN Damani Developers at 0.74 percent, and Bridgemonte advisors account for the 0.15 percent capital in Neo Wealth. The company has secured around $78 million since its inception, including the $35 million raised in its series B funding round from Peak XV partners last year.  Neo faces competition from other wealth-based companies such as Navi, FundsIndia, Assetplus,  Wealthy, and more. 

The Mumbai startup distributes non-broking services, such as Mutual funds, that provide financial solutions to develop highly engaging and consultative processes. The company announced that it saw a nine-time increase in its revenue to Rs 65.1 Crore in FY23. However, the loss was around  Rs 3.6 crore in the same duration. The startup will use some of this investment to strengthen its platform, make transactions more secure, and expand its services. The online platform enables its users to select top funds based on their investment requirements. The startup offers a customized mutual fund portfolio meeting the risk profile and future goals.  

Conclusion

Neo is a Mumbai-based startup offering a wealth and asset management platform for financial advisory. The startup secured a fresh capital of $4 million from private placement. The credible mentioned that the post-money allotment valuation of the company is around $162.5 million. After this round, the existing investor, Mored Foods, holds the most significant stake with 1.48 percent. The startup claims to offer assets management and investment advice to its clients. The startup aims to solidify its position amid competition in the fintech sector. The board issued 1226 equity shares for an issue price of Rs 2,60,799 per share to raise $3.85 million. 


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