Neo is an asset and wealth management startup that has secured $4 million in its funding round for  this year. This funding was raised through a private placement with the participation of various investors. Morde Foods led the round with a Rs 20 crore investment followed by SN Damani Developers  with Rs 10 crore and the rest of the Rs 2 crore investment was made by Bridgestone Advisors. 

The board has approved a resolution to allot 1226 equity shares at an issue price of Rs 2,60,799 each  to raise around $3.85 million. According to the company filing, the startup will use these fresh proceeds  for business growth, working capital purposes, and market expansion. The company specializes in  offering advisory and investment management solutions to retail investors. The startup provides an assets management platform that uses cutting-edge technologies to offer its customers financial  advisory and access to wealth management professionals. The startup data intelligence platform, the  kredible estimated the post-money valuation of the startup to be around $162.5 million. The  application aims to offer clients unbiased investment solutions with a transparent and cost-efficient  approach. 

The startup claims to have more than Rs 25,000 crore in Assets Under Advice including Rs 3000 crore  in assets under management. After this round Morde Foods holds the largest stake in the firm with  1.48 percent followed by SN Damani Developers with 0.74 percent and Bridgemonte advisors account for the 0.15 percent capital in Neo Wealth. The company has secured around $78 million since its  inception, including the $35 million raised in its series B funding round from Peak XV partners last year.  Neo faces competition from other wealth-based companies such as Navi, FundsIndia, Assetplus,  Wealthy, and more. 

The Mumbai startup is a distributor of non-broking services such as Mutual funds that provides  financial solutions to develop highly engaging and consultative processes. The company announced  that it saw a nine-time increase in its revenue to Rs 65.1 Crore in FY23. However, the loss was around  Rs 3.6 crore in the same duration. The startup will use some of this investment to strengthen its  platform, make transactions more secure, and expand its services. The online platform enables its  users to select top funds based on their investment requirements. The startup offers a customized  mutual fund portfolio meeting the risk profile and future goals.  

Conclusion: 

Neo is a Mumbai-based startup offering a wealth and asset management platform for financial  advisory. The startup secured a fresh capital of $4 million from private placement. The kredible  mentioned that the post-money allotment valuation of the company is around $162.5 million. After  this round, the existing investor Mored Foods holds the largest stake with 1.48 percent. The startup  claims to offer assets management and investment advice to its clients. The startup aims to solidify its  position amid competition in the fintech sector. The board issued 1226 equity shares for an issue price  of Rs 2,60,799 per share to raise $3.85 million.