In a follow-on funding round headed by Crystal Investment Advisors (Atha Group), consumer-facing wealth and asset management company Neo raised Rs 221 crore, or roughly $25 million. The Mumbai-based startup has raised money twice in the last four months.

Key Highlights

• Neo, a Mumbai‑based wealth & asset management firm, has raised $25 million (₹221 crore) in a follow‑on round.
• The round was led by Crystal Investment Advisors, contributing ₹193 crore of the total.

In order to raise the aforementioned sum, Neo's board adopted a board resolution to distribute 2,571 equity shares at a price of Rs 8,60,410 each, according to a regulatory filing obtained from the Registrar of Companies (RoC).

Morde Foods Private Limited donated Rs 28 crore, while Crystal Investment Advisors topped the tranche with Rs 193 crore. The company intends to use the funds for operational needs and growth projects.

The most recent infusion values Neo at about $700 million post-money, according to estimations.

Just three months have passed since Neo raised Rs 162 crore ($19 million) through equity shares in a round managed by VT Capital and involving 17 other investors. Entrackr was the first to exclusively report on the development.

Neo explained that company had also secured $20 million in February (Q1 CY2025) from MUFG, Peak XV Partners, Euclidean Capital, and a sizable Indian family office at a pre-money valuation of Rs 5,500 crore (about $640 million) during the $19 million round. At the same valuation, the current tranche has likewise been closed.

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Neo provides high-net-worth and ultra-high-net-worth people, including family offices, with yield-based investment products and consulting services. 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 positions and offers credit solutions to unlisted businesses.

The business has not yet submitted its FY25 financial statements. Neo saw a 2.7X year-over-year increase in income to Rs 177 crore for the fiscal year that concluded in March 2024, despite a widening of its losses to Rs 13.7 crore.