Neo Group, a wealth advisory and asset management company (AMC) in India, has secured Rs 500 crore ($53 million) from private equity (PE) firm TVS Capital, and its affiliates, per an announcement.
This pegs the Mumbai-based startup’s pre-money valuation at Rs 10,000 crore ($1.08 billion).
The new funding will be used to drive Neo Group’s expansion and strengthen its focus on providing tailored solutions to clients.
The startup claims to manage around Rs 1 lakh crore in client assets, with around Rs 50,000 crore in assets under management generating annualised recurring revenue.
Neo Group’s other investors include Peak XV Partners, MUFG Bank, and Euclidean Capital. DealSreetAsia had first reported on Peak XV’s plans to invest in Neo Group.
“Our objective has always been to build an enduring institution with strong governance, disciplined capital allocation, and client-first alignment,” said Nitin Jain, chairman and managing director at Neo Group. “The continued participation of high-quality investors reinforces confidence in our platform and our long-term strategy.”
The firm’s wealth management arm comprises around 150 senior advisors and primarily caters to ultra-high-net-worth individuals (UHNIs) and family offices. Meanwhile, Neo Asset Management focuses on alternative investments, with strategies spanning private credit, infrastructure, and private equity.
TVS Capital is currently investing out of its fourth fund, which has a corpus of over $400 million. The investment in Neo Group marks its first investment in the wealth management space.
Its past and current investments include high-profile names like Digit Insurance, NSE India, SarvaGram, and MedPlus Health Services. It exited Nykaa in 2018 and has partially exited positions in Digit, MedPlus, and Five Star Finance.
