Wealth and asset management firm Neo raised $26.5 M Series B funding from Crystal Investment

The wealth and asset management firm Neo has raised what looks to be a Series B round led by Crystal Investment, raising Rs 220 crore, or $26.5 million. For the company based in Mumbai, this is the second big round in the last nine months.

Neo has authorized the issuance of Series B preference shares at an issue price of Rs 3,12,421 per share in order to raise $26.5 million, according to a regulatory filing that can be viewed through the Registrar of Companies (RoC).

With contributions of Rs 78 crore and Rs 2 crore, respectively, from Mufg Bank and individual investor Deepak Agarwal, Crystal Investments contributed a total of Rs 140 crore, or roughly $16.8 million.

This appears to be a part of a current round, and the company might raise additional money. The company’s post-allotment valuation, according to media estimates, is approximately Rs 1,920 crore, or $231 million.

Including its $35 million Series A round led by Peak XV in October of last year, Neo has raised about $104 million to date.

Peak VV, which owned 22.22% of the company, was the biggest external shareholder, according to the media. Prior to this funding round, the company’s co-founders, Hemant Dogra, Varun Bajpai, and Nitin Jain, held a combined 63.81% of the shares.

Neo offers yield-based investment solutions and advisory services to high-net-worth individuals, including family offices that are based in their own country.

In the fiscal year that ended in March 2023, the three-year-old company showed exceptional growth, with its revenue skyrocketing to Rs 65.1 crore, a 9X increase. Neo only lost Rs 3.6 crore in FY23 to achieve such growth. The company has not yet released the results for FY24.