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Exclusive: IDfy set to raise $25 Mn led by Neo Asset Management

EntrackrEntrackr · 5d ago
Exclusive: IDfy set to raise $25 Mn led by Neo Asset Management
Medial

Exclusive: IDfy set to raise $25 Mn led by Neo Asset Management Identity verification startup IDfy is raising Rs 220 crore (around $25 million) in a fresh funding round led by Neo Asset Management, with participation from existing investors Emerald, Elev8, and others. The board at IDfy passed a special resolution to issue 24,39,850 Series F compulsorily convertible preference shares at an issue price of Rs 901.7 each to raise Rs 220 crore, filings with the Registrar of Companies show. Neo Asset Management, through its funds, will lead the round with an investment of Rs 189 crore. Blume Ventures will invest Rs 4.45 crore, Emerald Lush Rs 11 crore, and Elev8 Rs 5 crore. IndiaMart and Kael will contribute the remaining amount. The company plans to deploy the fresh proceeds towards growth initiatives and strengthening its balance sheet. As per Fintrackr’s estimates, IDfy’s post-money valuation stands at around Rs 2,420 crore ($272 million). Founded by Ashok Hariharan, Vineet Jawa, and Hatim Baheranwala, IDfy develops technology-driven products and solutions that authenticate individuals and businesses. Its platform enables enterprises to prevent fraud and onboard verified entities with minimal friction. The Mumbai-based company claims to serve over 1,500 clients across sectors such as BFSI, FMCG, e-commerce, gaming, sharing economy, and large conglomerates. It operates across India, SEA, and the Middle East. According to startup data intelligence platform TheKredible, IDfy has raised over $70 million to date, including a $27 million round comprising primary and secondary transactions from Elev8, KB Investment, and Tenacity. During FY25, the company’s revenue grew 28.3% year-on-year to Rs 186 crore from Rs 145 crore in FY24. It also turned profitable during the year, reporting a net profit of Rs 1.6 crore.

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Exclusive: Neo raises $25 Mn led by Crystal Investment

EntrackrEntrackr · 2m ago
Exclusive: Neo raises $25 Mn led by Crystal Investment
Medial

Exclusive: Neo raises $25 Mn led by Crystal Investment Consumer-facing wealth and asset management firm Neo has raised Rs 221 crore (about $25 million) in a follow-on round led by Crystal Investment Advisors. This is the second fundraise for the Mumbai-based company in the past four months. According to a regulatory filing sourced from the Registrar of Companies (RoC), Neo’s board approved a board resolution to allot 2,571 equity shares at Rs 8,60,410 each, to raise the above-mentioned amount. Crystal Investment Advisors led the tranche with Rs 193 crore, while Morde Foods Private Limited contributed Rs 28 crore. The firm plans to deploy the capital towards growth initiatives and operational requirements. As per Entrackr’s estimates, the latest infusion values Neo at around $700 million post-money. The new raise lands barely three months after Neo mopped up Rs 162 crore ($19 million) through equity shares in a round led by VT Capital, with participation from 17 other investors. The development was earlier exclusively reported by Entrackr. During that $19 million round, Neo clarified to Entrackr that it had also raised $20 million in February (Q1 CY2025) from MUFG, Peak XV Partners, Euclidean Capital, and a large Indian family office at a pre-money valuation of Rs 5,500 crore (around $640 million). The current tranche has also been closed at the same valuation. Neo offers advisory and yield-based investment products to high-net-worth and ultra-high-net-worth individuals, including family offices. Earlier this year, Neo Assets marked the first close of its second private credit fund at Rs 2,000 crore. Registered with SEBI, the fund provides credit solutions to unlisted companies and acquires secondary positions. The company is yet to file its financials for FY25. For the fiscal year ended March 2024, Neo recorded a 2.7X year-on-year jump in revenue to Rs 177 crore, even as its losses widened to Rs 13.7 crore during the period.

IDfy raises $53 Mn led by Neo Secondaries Fund

EntrackrEntrackr · 4d ago
IDfy raises $53 Mn led by Neo Secondaries Fund
Medial

IDfy raises $53 Mn led by Neo Secondaries Fund Trust and regtech platform IDfy has raised Rs 476 crore (around $53 million) in a Series F funding round comprising both primary and secondary transactions. The round was led by Neo Asset Management through its Neo Secondaries Fund, with participation from existing investors Blume Ventures, Analog Capital, Elev8, IndiaMART, and Kae Capital. The proceeds from the primary capital will be used for strategic acquisitions, expansion into new international markets, and further development of its product offerings. The secondary portion of the round will provide liquidity to early investors and employees. Founded in 2011, IDfy offers an integrated TrustStack platform covering digital onboarding, risk mitigation, fraud detection, and privacy governance. The company serves over 500 enterprise clients across more than 10 sectors and conducts over 500 million verification checks annually. IDfy has operations across seven countries, including India, Southeast Asia, and the Middle East. The funding comes amid increasing demand for identity verification, fraud detection, and privacy compliance solutions globally, driven by rising digital transactions and evolving regulatory requirements. In India, the rollout of the Digital Personal Data Protection (DPDP) Act and higher budgetary allocation for digital infrastructure have contributed to the growth of the regtech ecosystem. According to Entrackr, IDfy has raised over $120 million to date, including a $27 million round comprising primary and secondary transactions from Elev8, KB Investment, and Tenacity. On the financial front, IDfy reported operating revenue of Rs 186 crore in FY25, compared to Rs 145 crore in FY24. The company also reported a net profit of Rs 1.6 crore during the year, compared to a loss in the previous fiscal year.

Exclusive: Neo kicks off Series B with $26.5 Mn

EntrackrEntrackr · 1y ago
Exclusive: Neo kicks off Series B with $26.5 Mn
Medial

Wealth and asset management company Neo has raised Rs 220 crore or $26.5 million in its Series B led by Crystal Investment. This is the second significant round for the Mumbai-based company in the past 9 months. The board at Neo has approved issuing Series B preference shares at an issue price of Rs 3,12,421 each to raise $26.5 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows. Crystal investments pumped in Rs 140 crore (approximately $16.8 million) while Mufg Bank and individual investor Deepak Agarwal participated with Rs 78 crore and Rs 2 crore, respectively. This seems to be part of an ongoing round and the firm may raise more funds.. As per TheKredible’s estimates, the company has been valued at around Rs 1,920 crore or $231 million post-allotment. Neo has raised around $104 million to date including its $35 million Series B round led by Peak XV in October last year. According to the startup data intelligence platform TheKredible, Peak VV was the largest external shareholder, holding 22.22% of the company. Meanwhile, its co-founders—Nitin Jain, Varun Bajpai, and Hemant Dogra—collectively held 63.81% prior to this funding round. Neo provides advisory and yield-based investment solutions to high and ultra-high net worth individuals including indigenous family offices. The three-year-old firm demonstrated supper growth in the fiscal year ending March 2023 as its revenue ballooned 9X to Rs 65.1 crore. Neo achieved such growth with a mere loss of Rs 3.6 crore during FY23. The company is yet to disclose its FY24 results.

Exclusive: Wealthtech firm Neo to raise $19 Mn at 2.7X valuation surge

EntrackrEntrackr · 6m ago
Exclusive: Wealthtech firm Neo to raise $19 Mn at 2.7X valuation surge
Medial

Exclusive: Wealthtech firm Neo to raise $19 Mn at 2.7X valuation surge Consumer facing wealth and asset management firm Neo is in final stages to raise Rs 162 crore (approximately $19 million) through equity shares, led by VT Capital and with participation from 17 other investors. The board of Neo has passed a special resolution to issue 1,887 equity shares at Rs 8,60,410 each, to raise Rs 162.3 crore ($19 million), according to its regulatory filing sourced from the Registrar of Companies (RoC). VT Capital will lead the round with Rs 50 crore, while individual investor Ramesh Kunhikannan will contribute Rs 20 crore. Sattva Family Office, Biological E Ltd, Usha Reddy Chigarapalli, and Akshat Greentech Private Limited will invest Rs 10 crore each in the round. VT Capital is a Mumbai-based proprietary trading platform that has also invested in startups such as hygiene products maker Noble, beauty and personal care platform Purplle, and AI firm Fractal Analytics. According to Entrackr’s estimates, the company would be valued at around $686 million post-money. This seems to be over a 2.7X jump in the valuation, compared to its last round when it was valued at $250 million. Before this, Neo raised $120 million, including a $48 million round in August 2024 and $35 million Series B funding in October 2023. Mumbai-based Neo helps wealthy individuals and family offices invest their money. It focuses on credit and real estate, and also runs funds that give companies capital while aiming for safe returns for investors. It claims to manage nearly Rs 35,000 crore in wealth management assets and over Rs 6,000 crore in alternative asset management. According to the filings, before the round, Peak XV was the largest external stakeholder with 19.29%, followed by Crystal Investment Advisors LLP (Artha Group) at 6.74%. Among co-founders, Nitin Jain held 30.09%, Varun Bajpai 15.04%, and Hemant Daga 4.51%. Earlier this year, Neo Assets marked its first close of its second private credit fund at Rs 2,000 crore. The fund is registered with SEBI and provides credit solutions to unlisted companies and acquires their secondary stakes. The company is yet to file its annual results for FY25. During the fiscal year ended March 2024, it reported a 2.4X year-on-year increase in its revenue to Rs 149 crore, while the losses grew to Rs 13.7 crore in the same period.

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