Neo Wealth and Asset Management, a part of Neo Group, on Wednesday said it has raised USD 35 million (around Rs 300 crore) in a funding round from Peak XV Partners.

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The fund will aid in catalyzing growth initiatives at Neo, develop and expand the wealth management business, deepen the asset management franchise, and help attract top talent, the company said in a statement.

With over Rs 25,000 crore in assets under advisement (AUA), including Rs 3,000 crore in assets under management (AUM), Neo provides financial advisory and engagement to its clients and is building a one-stop platform to enable transacting and consolidated portfolio reporting across products, asset classes and instruments.Launched in 2021, Neo has over 1,000 clients across HNIs (high networth individuals), UHNIs (ultra high networth individuals) and multi-family office segments.

"This alliance is more than just a strategic move. In fact, with this powerful collaboration, we are better equipped than ever to offer innovative solutions, deliver exceptional value, and empower our clients to achieve their financial goals," Nitin Jain, Chairman and Managing Director, Neo Wealth and Asset Management, said.

Neo was founded by industry veterans who have led some of the finest financial institutions in the country to their success.

Nitin Jain, ex- CEO of Edelweiss Wealth and Asset Management and the founding team have built and managed assets over USD 40 billion in the wealth as well as asset management space.

Peak XV, formerly Sequoia Capital India and SEA, is a leading venture capital firm investing across India, Southeast Asia and beyond.

"Wealth management in India, a USD 2.8 trillion industry, is a fertile market growing at a CAGR of 15-20 per cent year-on-year. In just a few years of launch, Neo has grown to manage Rs 20,000 crore in AUA in their wealth business and Rs 3,000 crore in AUM in the asset management business," said Sakshi Chopra, MD, Peak XV.