The transaction is expected to close shortly, according to a company statement issued on Thursday (July 16).
The fresh capital will support Neo Group’s next phase of growth, with the company planning to invest in talent, technology and new product capabilities as it expands its presence across India.
The latest funding comes weeks after Neo Group secured a ₹550 crore investment from TVS Capital, taking the total capital raised from the two institutional investors to around ₹900 crore.
Neo Group said it currently has nearly ₹3,000 crore in equity capital, manages around ₹1.3 lakh crore in total client assets, and has approximately ₹50,000 crore of annualised recurring revenue (ARR) assets. The company operates in more than 30 cities through a workforce of over 850 professionals, including more than 150 senior wealth advisors.
The fresh capital will be used to strengthen the firm’s expansion plans, with investments in technology, talent acquisition and new product capabilities.
“Our objective has always been to build an enduring institution with strong governance, disciplined capital allocation and client-first alignment. This fundraise gives us the capital and long-term partnership to keep building for the future,” Nitin Jain, Chairman and Managing Director of Neo Group, said in the statement.
Peak XV Partners said it is increasing its commitment after backing Neo Group during its early stages. The investment reflects the investor’s continued confidence in the growth potential of India’s wealth management industry, it said.
Neo Group provides wealth and asset management services to family offices, ultra-high-net-worth individuals (UHNIs), high-net-worth individuals (HNIs), institutions and corporates. Its offerings span wealth management, alternative assets, private markets, fixed income, global investments, insurance and estate planning.
The company said it has operations across key Indian cities and also has a presence in the United States.
