🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

Wealthtech firm Neo raises $48 Mn led by MUFG, Euclidean Capital

EntrackrEntrackr · 1y ago
Wealthtech firm Neo raises $48 Mn led by MUFG, Euclidean Capital
Medial

Wealth and asset management firm Neo has raised Rs 400 crore or $48 million in Series B round led by MUFG Bank and New York-based Euclidean Capital LLC. Existing investor Peak XV Partners also participated in this round. The funds will be used to expand Neo’s wealth management division and enhance support for its asset management business, the company said in a press release. With this, Neo has raised around 1,000 crore ($120 million) in equity capital including a $35 million round from Peak XV in October last year. Earlier this month, the company raised the first tranche of this round worth $26.5 million. As per startup data intelligence platform TheKredible, it was valued at around $231 million. Mumbai-based Neo provides advisory and yield-based investment solutions to high and ultra-high net worth individuals including indigenous family offices. Focusing in the areas of credit and real assets, the platform has also launched bespoke funds that provide capital solutions to companies providing risk adjusted returns for investors. Neo group claims that it manages nearly Rs 35,000 crore in wealth management assets and over Rs 6,000 crore in alternative asset management. The three-year-old firm reported a nine-fold growth in its revenue to Rs 65 crore in the fiscal year ending March 2023 (FY23). Significantly, it achieved such growth with a mere loss of Rs 3.6 crore during FY23. The company is yet to disclose its FY24 results. According to TheKredible, Peak VV was the largest external shareholder, holding 22.22% of the company. The company’s co-founders—Nitin Jain, Varun Bajpai, and Hemant Dogra—collectively held 63.81% prior to this funding round. More than half a dozen wealthtech startups have raised funds in the ongoing calendar year. Recently, Stable Money raised $15 million while Deserv raked in $32 million. Fisdom, Powder, Wealthy and Infynite Club also scored decent funding in the past year.

Related News

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

EntrackrEntrackr · 7d 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.

Smallcase raises $50 Mn in Series D led by Elev8

EntrackrEntrackr · 5m ago
Smallcase raises $50 Mn in Series D led by Elev8
Medial

Smallcase raises $50 Mn in Series D led by Elev8 Wealthtech startup Smallcase has raised $50 million in its Series D round led by Elev8 Venture Partners, a $200 million growth-stage fund focused on high-potential Indian startups. The round also saw participation from State Street Global Advisors, Niveshaay AIF, Faering Capital, and Arkam Ventures. The capital will be used to expand Smallcase’s investment product offerings across asset classes and strengthen its relationships with retail investors and ecosystem partners, Smallcase said in a press release. The new round is coming after a gap of more than 3.5 years. Smallcase has raised around $120 million to date, including $40 million in a Series C round led by Faering Capital in August 2021. According to the startup data intelligence platform TheKredible, Peak XV is the largest external stakeholder, followed by Faering Capital and Blume Ventures. Launched in 2016, Smallcase offers a model portfolio platform that has served over 10 million investors. It also provides technology solutions to more than 250 financial institutions, including research firms, advisors, wealth managers, and brokerages. The platform recently expanded its offerings through a joint venture with Zerodha to launch an asset management company focused on index funds and ETFs. Smallcase's revenue from operations surged to Rs 67.4 crore in FY24 from Rs 30.6 crore in FY23. A drop in advertising and employee benefits enabled the company to reduce its losses by 74.4% to Rs 34 crore in the last fiscal year. According to TheKredible, Indian wealthtech startups such as Neo, Dezerv, Centricity, Stable Money, Fisdom, InvestorAi, and Wealthy have garnered nearly $250 million in funding across 15 deals in the past 18 months. Elev8 Venture Partners, backed by South Korea’s KB Investment, focuses on B2B SaaS, enterprise tech, consumer tech, and fintech. This is its third investment after supporting identity verification platform IDfy and astrotech platform Astrotalk.

Neo Asset Management announces fund II at Rs 2,000 Cr

EntrackrEntrackr · 4m ago
Neo Asset Management announces fund II at Rs 2,000 Cr
Medial

Neo Asset Management, a seasoned Alternative Asset Management firm in India, has announced the first close of its second flagship private credit fund - the Neo Special Credit Opportunities Fund-II (NSCOF II), at Rs 2,000 crore as on date including the first closing as filed with SEBI. Launched 3 months ago, the fund is targeting a total corpus of Rs 5,000 crore. The fund witnessed interest from Family Offices, Ultra High Net Worth Individuals (UHNIs) and Institutional Investors alike to make Neo’s journey an alternative investment platform focused on Private Credit and Real Assets. NSCOF-II is a SEBI-registered Category II AIF designed to provide bespoke credit solutions to EBITDA positive companies. As a strategy, all investments are fully covered with at least 2-3 times hard asset collateral and bear regular coupons. Neo Asset Management aims to adhere to its fund strategy and deliver returns. It looks forward to deploying capital efficiently in Fund-II. Its objective is to create a well-diversified portfolio with 25-30 investments, each ranging between Rs 150-300 crore. Neo’s first private credit, Neo Special Credit Opportunities Fund-I, closed in June 2024, raising Rs 2,575 crore. This fund has gross deployed 100% of its capital across 23 carefully curated diversified investments and have exited from 7 of these investments, over the past 18 months. The team has evaluated more than 450 investments in the last two years. Neo Group is a new-age wealth and asset management company, backed by Peak XV Partners, MUFG Bank, and Euclidean Capital and committed to building India’s leading Alternatives Asset Management platform. Neo Asset Management, the India-focused Alternative Asset Management arm of the Neo Group, manages more than Rs 10,000 crore of AUM, investing across various asset classes and delivering returns with stable cashflows.

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 startup Stable Money raises $15 Mn in new round

EntrackrEntrackr · 1y ago
Exclusive: Wealthtech startup Stable Money raises $15 Mn in new round
Medial

Wealthtech startup Stable Money has raised over Rs 123 crore nearly $15 million in a new round from RTP Capital, Lightspeed India, and Matrix Partner. The Bengaluru-based company has become one of the few startups to close two rounds within a year, especially during the so called funding winter. The board at Stable Money has passed a special resolution to issue 77,135 CCPS at price of Rs 16,019 each to raise Rs 123.56 crore or $14.74 million, its regulatory filing accessed from the Registrar of Companies (ROC) shows. RTP Capital led the round with Rs 54.26 crore ($6.5 million) while Lightspeed India and Matrix Partners India pumped in Rs 34.64 crore ($4.15 million) each in this round. In August 2023, Stable Money scooped up $5 million in its first equity fundraise led by Matrix Partners and Lightspeed. Titan Capital, Mar Shot Ventures and a clutch of prominent angel investors also participated in the round. As per startup data intelligence platform TheKredible, Stable Money will be valued at around $60 million post money. This is nearly four fold jump in valuation from $16.5 million in the last round. Founded in late 2022 by Saurabh Jain and Harish Reddy, Stable Money is building a fixed-return investment platform to provide financial consultation services to investors. The platform will also publish financial literacy content on its online platform to create awareness among investors. A clutch of wealthtech startups have managed to score decent funding in the ongoing calendar year. Recently Deserv raked in $32 million in its Series B round led by Premji Invest. In May, wealth management platform Wealthy raised $5.4 million in a new round led by Alpha Wave Incubation Fund.

Download the medial app to read full posts, comements and news.