Mumbai-based Neo Group, a wealth advisory and asset management company, has successfully raised ₹500 Cr (approximately $53 million) from private equity firm TVS Capital and its affiliates. This funding round values the company at ₹10,000 Cr (around $1.08 billion), officially designating it as a unicorn.
Neo Group plans to utilize the new capital to enhance growth and provide knowledge-driven solutions to its clientele. Suraj Majee, a principal at TVS Capital, expressed enthusiasm about partnering with Neo, emphasizing the importance of trust and talent in building a robust institutional franchise.
This marks Neo Group's fourth fundraising effort within a year. Earlier in February 2025, the company raised $20 million from MUFG, Peak XV Partners, and others, achieving a pre-money valuation of approximately $640 million. Following that, it secured $19 million in August and an additional $25 million in a November funding round led by Crystal Investment Advisors.
Founded in 2021, Neo Group specializes in advisory and yield-based investment products tailored for high-net-worth individuals (HNIs), ultra-high-net-worth individuals (UHNIs), and family offices. The firm claims to manage nearly ₹1 Lakh Cr in total client assets.
Additionally, Neo Assets Management, the company's AMC arm, announced the first close of its ₹2,000 Cr secondaries private equity fund at ₹750 Cr in August last year. This fund aims to invest in 12-15 startups across various sectors, including BFSI, healthcare, consumer, IT/ITeS, industrials, and services, with investment sizes ranging from ₹50 Cr to ₹250 Cr per startup.
Financially, Neo Group reported a revenue increase of 2.7 times year-on-year, reaching ₹177 Cr in FY24, while net losses expanded to ₹13.7 Cr during the same period. The company has yet to disclose its FY25 financial results.
