Asset management firm Neo raises $35 million from Peak XV Partners

economictimes.indiatimes.com:

asset management firm Neo Group has raised $35 million as part of its latest round of funding from Peak XV Partners.
The round marks one of the bigger growth cheques that Peak XV has written this year after separating from its US-franchise Sequoia Capital, amidst an ongoing funding winter.

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Peak XV is expected to infuse another $15 million in the asset management firm over the next 12 months, subject to certain conditions, sources added.
The company is expected to use the capital to hire talent across geographies and grow its presence. It will also use the corpus raised to fund newer initiatives (in the asset management space) as well as to capitalise the group’s in-house non-banking finance company (NBFC) to provide credit to clients.

Founded in 2021 by Nitin Jain, former chief executive of Edelweiss Financial Services, Neo provides wealth advisory services to high and ultra-high net worth individuals as well as to domestic family offices.
“We have achieved some good traction than what we expected in a very short time and feel confident to now be a reasonable challenger to large firms in the country,” said Jain, who is also the chairman and managing director of Neo Group.
Since launch, the company has close to $360 million (Rs 3,000 crore) in assets under management (AUM).
On the asset management front, Neo works towards providing alternative investment solutions focusing on the private credit and real assets