Neo Group, a prominent wealth and asset management startup, has raised Rs 400 crore (approximately $47 million) in a new equity funding round. This round was led by MUFG Bank of Japan, with participation from New York-based Euclidean Capital. Peak XV Partners, which had previously invested $35 million in October last year, also contributed to the funding.

The fresh capital infusion is aimed at expanding Neo's wealth management division and bolstering its asset management business. Neo Group has established a specialized platform catering to India's larger and more sophisticated clientele, setting itself apart from the generic wealth management services commonly available in the market.

Currently managing Rs 35,000 crore (over $4 billion) in wealth management assets and Rs 6,000 crore (about $714 million) in alternative assets, Neo's equity base now stands at Rs 1,000 crore. Nitin Jain, Managing Director of Neo Wealth & Asset Management, expressed enthusiasm about partnering with leading global institutions and reaffirmed the company's commitment to delivering top-tier services.

The company, founded in 2021 by Jain, who previously served as CEO of Edelweiss Financial Services, also focuses on developing a platform for consolidated portfolio reporting across various products and asset classes. 

MUFG India’s Deputy CEO, Shashank Joshi, highlighted the rapid growth potential of India’s wealth management sector, noting that this investment marks MUFG Bank’s first venture into wealth management in India, further supporting Neo Group's ambitious expansion plans.

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