In an interview with CNBC-TV18, Nitin Jain, Chairman and Managing Director, Neo Group, highlighted that the fresh capital infusion will fuel Neo Group’s ambitious expansion plans, particularly in Tier II and Tier III cities in India, as well as setting up international offices in key financial centres.
“One of our biggest initiatives in the next 12-18 months is to expand into tier II and tier III cities. So, we will need to set up new offices, hire a lot of new bankers in those locations and make significant investments in that regard,” Jain said.
In addition to its domestic expansion, Neo Group has its sights set on the global market and plans to set up full-fledged offices in Dubai, Singapore, London and New York. Jain noted that these international offices would be operational within the next 18 months.
Neo Group’s asset management division is also set to grow, with plans to launch a second private credit fund in December. The first fund, which closed at about Rs 2,600 crore, was a significant success. The second fund is expected to be close to $1 billion, underlining the firm’s confidence in the private credit market.
Meanwhile, Singapore-based savings and investment platform Syfe is set to accelerate its expansion across Asia after securing $27 million in an all-equity funding round. The round was backed by existing investors Valar Ventures and Unbound, along with new contributions from two UK family offices.
Founder and CEO Dhruv Arora told CNBC-TV18 that the fundraising will allow Syfe to double down on its investments in its core markets, particularly Singapore, Hong Kong and Australia.
“As far as the rollout of the new fundraise is concerned, I think we will continue to focus on what we have always done. I think we will focus on product expansion, hiring top-notch talent in the geographies that we operate in, as well as going deeper in the geographies that we are present in. So, the focus would be to double down on Singapore and continue to make inroads into Hong Kong and Australia. India has been critical to our business, especially when it comes to product and engineering talent. And that is an area where we will be hiring a lot more,” Arora said.
To drive this expansion, Syfe is actively exploring opportunities to acquire stakes in companies with parallel interests, a move that could significantly accelerate its growth in these regions.
Syfe’s core market remains Singapore, where it currently serves over 5% of all adults, equating to over 100,000 funded active users. Despite this success, Arora believes the company is only just beginning to tap into the potential of the broader Asian market.
“What’s been really fascinating, over the last year, is not just the user growth we’ve seen, but also the user engagement,” he noted. “Our average AUM per user has more than doubled, and that’s quite remarkable because the markets have been relatively volatile.” He remains confident in Syfe’s ability to achieve an AUM target of between $50 billion and $100 billion, given the trillion-dollar wealth market in Singapore and opportunities in Hong Kong and Australia.
Also, Yes Madam, an online salon service provider known for its technology-driven beauty solutions, is set to redefine the salon experience with its new offline venture.
Mayank Arya, co-founder, told CNBC-TV18 that the company’s primary focus is to consolidate its presence in the Delhi NCR market. “We want to reach deep into Delhi NCR, we don’t want to go beyond Delhi NCR in the first year of launch,” he explained.
Currently, Yes Madam has an annual recurring revenue (ARR) of ₹90 crore and an EBITDA margin of around 10%. Arya said the company is experiencing strong organic growth, with monthly bookings at 105,000. The ambitious plan is to increase these bookings to 125,000 in the coming months.
Yes Madam’s foray into the offline space includes the launch of experience centres in Delhi NCR. These centres aim to provide a salon experience integrated with technology, setting them apart from traditional salon chains. Customers will have the option to bring their own products, which will add a personalised touch to their salon visit.
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