India’s Neo Group, an asset management financial technology company, has raised US$47.6 million in a new funding round led by Japan’s MUFG Bank, US investment management firm Euclidean Capital and local venture capital firm Peak XV.
The move comes ten months after Neo, which was established in 2021, raised $35 million in a funding round led by Peak XV.
Neo announced the new fundraising in a posting on its LinkedIn account on August 12, saying that the money will be used to expand its wealth management division and asset management business.
Shashank Joshi, deputy chief executive officer of MUGF India, says the investment is the Japanese bank’s first in India’s wealth management sector, which he predicts is set for “rapid growth”.
“A high growth economy drives the need for advanced, personalised wealth management solutions…,” he is quoted as saying in the LinkedIn post.
According to Nitin Jain, chairman and managing director of Neo, the company is “really excited to partner with some of the finest global institutions and continue to stay committed to deliver world class investment products and solutions in an unbiased, transparent, and cost-efficient manner”.