Exclusive: Neo raises $25 Mn led by Crystal Investment

Consumer-facing wealth and asset management firm Neo has raised Rs 221 crore (about $25 million) in a follow-on round led by Crystal Investment Advisors (Atha Group). This is the second fundraise for the Mumbai-based company in the past four months.

According to a regulatory filing sourced from the Registrar of Companies (RoC), Neo’s board approved a board resolution to allot 2,571 equity shares at Rs 8,60,410 each, to raise the above-mentioned amount.

Crystal Investment Advisors led the tranche with Rs 193 crore, while Morde Foods Private Limited contributed Rs 28 crore. The firm plans to deploy the capital towards growth initiatives and operational requirements.

As per Entrackr’s estimates, the latest infusion values Neo at around $700 million post-money.

The new raise lands barely three months after Neo mopped up Rs 162 crore ($19 million) through equity shares in a round led by VT Capital, with participation from 17 other investors. The development was earlier exclusively reported by Entrackr.

During that $19 million round, Neo clarified to Entrackr that it had also raised $20 million in February (Q1 CY2025) from MUFG, Peak XV Partners, Euclidean Capital, and a large Indian family office at a pre-money valuation of Rs 5,500 crore (around $640 million). The current tranche has also been closed at the same valuation.

Neo offers advisory and yield-based investment products to high-net-worth and ultra-high-net-worth individuals, including family offices. Earlier this year, Neo Assets marked the first close of its second private credit fund at Rs 2,000 crore. Registered with SEBI, the fund provides credit solutions to unlisted companies and acquires secondary positions.

The company is yet to file its financials for FY25. For the fiscal year ended March 2024, Neo recorded a 2.7X year-on-year jump in revenue to Rs 177 crore, even as its losses widened to Rs 13.7 crore during the period.