With the help of 17 additional investors and lead by VT Capital, consumer-facing wealth and asset management company Neo is nearing completion on its goal of raising Rs 162 crore, or roughly $19 million, through stock shares.
According to Neo's regulatory filing, which was obtained from the Registrar of Companies (RoC), the board has adopted a special resolution to issue 1,887 equity shares at a price of Rs 8,60,410 apiece in order to raise Rs 162.3 crore ($19 million).
Ramesh Kunhikannan, an individual investor, will give Rs 20 crore, and VT Capital will invest Rs 50 crore. Akshat Greentech Private Limited, Usha Reddy Chigarapalli, Biological E Ltd, and Sattva Family Office will each contribute Rs 10 crore to the round.
The Mumbai-based proprietary trading platform VT Capital has also made investments in firms including Fractal Analytics, an AI company, Purplle, a platform for beauty and personal care, and Noble, a manufacturer of hygiene goods.
Entrackr predicts that the company's post-money valuation would be around $686 million.
Neo explained in an email to Entrackr that company had also secured $20 million at a pre-money valuation of Rs 5,500 crore (about $640 million) in February (Q1 CY2025) from MUFG, Peak XV Partners, Euclidean Capital, and a sizable Indian family office. At the same valuation, the current tranche was raised.
Neo has previously secured $120 million, which included $35 million in Series B fundraising in October 2023 and a $48 million round in August 2024.
Neo, established in Mumbai, assists family offices and affluent people with their financial investments. In addition to concentrating on credit and real estate, it manages funds that provide businesses with funding while striving for secure returns for investors. It asserts that it manages more than Rs 14,000 crore in alternative asset management and close to Rs 50,000 crore in wealth management assets.
Prior to the financing, Peak XV held the highest external stake (19.29%), followed by Crystal Investment Advisors LLP (Artha Group) (6.74%), according to the papers. Hemant Daga owned 4.51%, Varun Bajpai owned 15.04%, and Nitin Jain owned 30.09% of the co-founders.
Neo Assets closed its second private credit fund at Rs 2,000 crore earlier this year. The fund, which is registered with SEBI, buys secondary interests in unlisted businesses and offers financial solutions to them.
The business has not yet submitted its FY25 annual results. It recorded a 2.7X year-over-year rise in sales to Rs 177 crore for the fiscal year that ended in March 2024, while losses increased to Rs 13.7 crore over the same time frame.
