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Regional composition of global wealth distribution in 2022. While the bulk of Indian citizens are located in the bottom half of the global distribution, high wealth inequality and a huge population means that significant numbers of Indian citizens also occupy the top wealth echelons.Data and Image:UBS
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Peak XV Partners has seat $ 35 million in Neo , a fintech startup founded by diligence veterans that is increasingly intriguing officeholder including IIFL , Edelweiss and Waterfield Advisors , as the heavy India - focused VC branch out its bets on wealth and plus direction .
Neo operates a suite of wealthiness and plus direction service , serving businesses , self-governing and pension stock and large family offices and individuals with radical - in high spirits - net - Charles Frederick Worth . The house , which start operation in 2021 , has already cumulate over a 1,000 client , allege Neo founder Nitin Jain in an audience .
The two firms reserve the optionality to lead the size of it of the investment , they said . TechCrunch reported in August that Peak XV wasengaging with Neo for an investing . Neo earlier raised about $ 40 million from a tilt of undisclosed investor .
Despite being second only to China in in high spirits - nett - worth individuals among BRICS country , and being home to more than 14,000 radical - high - net profit - worth households , India ’s wealth management sphere remains developing , plagued by a cartel deficit and misaligned incentive .
Part of the rationality is that the industry is often more geared toward product sale than tailored financial advice , said Jain , who like many of his conscientious objector - founders and other ground fellow member of Neo start the venture after long stint at investment giant Edelweiss .
On the advisory side , Neo serves as an prolonged CIO to multi - family situation , take part in their investment committees and offering views on asset allocation , corporate take social organisation and taxations .
“ We sit on their side . It ’s somewhat different from the classical wealth management practice as we are send word as well as selling products to them . So this is a very alone proposition , ” he said .
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The inauguration works with multiple relationship managers , providing them with extra resource and motivator that add on their exist recitation . Jain said he approximate that 350 to 400 RMs in India control 70 to 75 % of assets . Neo will aim to appeal about 100 of them in the next two to three days , he said .
On the asset management side , Neo focalise on long - term take - based answer in real estate and private quotation for client that are face to generate an income from their investments .
Neo already has about $ 3 billion of assets under direction , it tell . The inauguration did n’t involve unexampled capital and does n’t anticipate raising more than one more orotund in the future , said Jain .
Sakshi Chopra , an MD at Peak XV Partners , said the house had been tracking Jain ’s journey for over a twelvemonth and in Neo it find the right combination of experience , expertness and chance .
“ The founding team , they built asset stage business at Nuvama and Edelweiss , is very high - timbre and this is all they have done through their lives , ” she allege in an interview , contribute that the two firms begin engaging about 15 months ago . “ We divvy up the philosophy on doing good for the the great unwashed who commit us with their money . ”
Having Peak XV becoming a partner will help Neo recruit high - timber endowment , said Jain , cite the venture business firm ’s firm reputation and mark image .
With the investment in Neo , Peak XV Partners is expanding its portfolio of startups that operate in the asset and wealthiness management category . The venture firm is also backer of CRED and Groww , though both are currently serve different sets of hearing .
And more player are gearing up to serve the market . Jio Financial Services — endorse by Reliance Industries , run by Asia ’s rich man Mukesh Ambani — in July say it hadpartnered with BlackRockto constitute an asset handler venture , call Jio BlackRock , that will aim to suffice India ’s grow investor al-Qaeda .
