Neo, a fintech startup created by industry professionals, secured a $35M investment from Peak XV.
- Services: Neo offers a mix of wealth and asset management services, catering to an array of clients including businesses, sovereign and pension funds, affluent family offices, and high-net-worth individuals.
- Growth: Neo has successfully amassed over a thousand customers in its maiden year, demonstrating an impressive market entry.
- Investment: Recently, Neo secured a promising $35M investment from Peak XV Partners, an India-focused VC firm with a keen interest in the wealth and asset management sectors. However, this figure is flexible, and both entities have the option to increase their investment.
- Past Funding: This isn’t Neo’s first funding exercise. In the past, they raised around $40M from undisclosed investors.
- Market Gap: Despite a significant number of high-net-worth individuals in India, the country’s wealth management sector is underdeveloped, with a focus more on product selling than providing customized financial advice. Neo aims to bridge this gap with its unique business model.
- Future Goals: Neo’s ambition includes attracting 100 of India’s top 350 to 400 Relationship Managers in the coming years. Boasting about $3B in assets under management, the company doesn’t foresee the need for additional capital-raising rounds.
This investment offers Peak XV Partners a strategic opportunity to expand its portfolio in the asset and wealth management segment with clients like CRED and Groww.
