India’s quickly growing direct-to-consumer (D2C) market keeps making headlines with funding and growth plans across different areas. While news often talks about beauty, personal care, food, and lifestyle brands, Neo, a wealth-tech company in Mumbai, shows how varied the D2C opportunity in India has become.
Neo, which handles wealth and assets, has raised Rs 162 crore (about $19 million). This new funding helps them become a stronger financial services brand for consumers, fitting into the overall growth of D2C business in India.
VT Capital put in Rs 50 crore, leading the round, with 17 other investors also participating, including Ramesh Kunhikannan, Sattva Family Office, Biological E Ltd, Usha Reddy Chigarapalli, and Akshat Greentech. According to filings, Neo issued 1,887 equity shares at Rs 8.6 lakh each to close the funding round. With this latest investment, the company is now valued at nearly $686 million, making it one of the biggest D2C funding rounds recently.
Before this, Neo raised $20 million in February 2025 from MUFG, Peak XV Partners, Euclidean Capital, and a large Indian family office. Even with its valuation holding at around $640 million pre-money, the company has shown steady revenue increases and kept investor confidence high through multiple funding rounds. Before these, Neo had already raised $120 million through a $48 million round in August 2024 and a $35 million Series B in October 2023, keeping it in the spotlight among venture capital-backed D2C brands in India.
While most D2C launches focus on consumer products like Ayurveda, beauty, skincare, or fashion, Neo is a different kind of D2C startup. By helping wealthy individuals and family offices invest directly in credit and real estate, and handling funds for safe, growing returns, Neo shows how the D2C model in India can go beyond standard consumer goods and into financial services. The firm currently manages nearly Rs 50,000 crore in wealth management and Rs 14,000 crore in alternative assets, making it one of the fastest-growing consumer-facing brands in India’s D2C space.
The confidence investors have in Neo shows an important change in D2C valuation trends. Even as acquisitions, IPOs, and exits make news, wealth-tech startups like Neo are proving that direct consumer relationships in financial services can create long-term value. With private equity and angel investment activity increasing in D2C, Neo’s path shows both investor insights and the size of India’s growing D2C market in 2025.
As Neo makes its consumer platform stronger, people in the industry expect the company to be a regular feature in D2C news in India. Consistent fundraising, good revenue growth, and strong leadership from co-founders Nitin Jain, Varun Bajpai, and Hemant Daga are helping Neo become one of the best D2C brands in FY25, even though it’s in a less-talked-about category than quick commerce or celebrity-backed startups.
Neo’s careful growth shows that D2C in India isn’t just about product-driven categories. With smart funding, long-term plans, and a clear market strategy focused on wealthy consumers and family offices, the company is setting an example for how financial services can be built on a D2C model that India is starting to prefer. For the wider Indian market, Neo’s story reminds us that the D2C space is changing beyond its original areas, and the next big thing might come from where people least expect it.
