The transaction is expected to close shortly, Neo said in a statement. It did not disclose the valuation for the round or the investment split among participants.
The funding follows a Rs 550-crore investment by private equity firm TVS Capital in March. Once closed, the two transactions will total Rs 900 crore, according to Neo. ET had reported in March that the TVS transaction valued the company at Rs 10,000 crore pre-money.
“This fundraise gives us the capital and long-term partnership,” chairman and managing director Nitin Jain said, adding that the company would invest in talent, technology and new products as it expands across India.
Asset base
Neo said it advises on or manages about Rs 1.3 lakh crore of client assets (as of June 30), up from about Rs 1 lakh crore in March. Around Rs 50,000 crore is in assets that provide recurring fee income, the company said. It operates in more than 30 cities with over 850 employees, including more than 150 senior wealth advisers, and also has a presence in the United States.
Neo advises wealthy individuals, family offices, institutions and companies on investments, insurance and estate planning. Its asset management arm runs funds that lend to businesses, finances infrastructure projects and invests in unlisted companies.
Peak XV was Neo’s first institutional investor, infusing about $35 million in October 2023. In August 2024, Japanese lender MUFG Bank and New York-based Euclidean Capital led a Rs 400-crore funding round in which Peak XV also participated. Neo said it now has close to Rs 3,000 crore in equity capital.
Peak XV managing director Sakshi Chopra said Neo’s scale and advisory team prompted the investor to deepen its partnership with the company.
Jain, a former Edelweiss Financial Services chief executive, founded Neo in 2021 with Hemant Daga, Varun Bajpai, Puneet Jain and A V Srikanth, all veterans of Edelweiss Asset Management, Macquarie, Goldman Sachs, Kotak Institutional Equities and Motilal Oswal Wealth. Shajikumar Devakar joined as cofounder and chief executive of wealth management in 2025.
Neo competes with 360 ONE, Nuvama Wealth Management, Avendus and the private-banking businesses of large lenders.
The sector is expanding as the number of Indian households with a net worth of at least Rs 8.5 crore rose 90% to 8.71 lakh between 2021 and 2025, according to the Mercedes-Benz Hurun India Wealth Report 2025.