Daily Indian Funding Roundup & Key News - 17 July 2026: Neo Group Raises ₹350 Cr, MakeMyTrip Files India IPO, Jio Q1 Profit Up 9%
Wealth management dominated the funding headlines on 17 July 2026, with Neo Group closing a ₹350 crore (~$36.3 million) round led by Peak XV Partners shortly after securing ₹550 crore from TVS Capital. One funding round was reported across the day's source material. On the corporate side, MakeMyTrip confidentially filed its DRHP with SEBI for a potential $1 billion-plus India IPO, while Jio Platforms posted a 9.2% year-on-year jump in Q1 FY27 net profit to ₹7,764 crore.
Daily Indian Startup Funding Digest - 17 July 2026
| Startup | Sector | Funding | Round | Lead Investors |
|---|---|---|---|---|
| Neo Group | Wealth & Asset Management | ₹350 Cr (~$36.3 Mn) | Growth | Peak XV Partners |
Neo Group Raises ₹350 Crore Led by Peak XV Partners
Neo Group is a wealth and asset management firm founded by Nitin Jain, serving high-net-worth individuals and family offices across more than 30 cities in India and with a presence in the United States. As of 30 June 2026, the firm managed approximately ₹1.3 lakh crore in client assets across its advisory and asset management businesses.
The company has raised ₹350 crore (~$36.3 million) in a fresh funding round led by existing investor Peak XV Partners. The raise follows a ₹550 crore investment from TVS Capital, further strengthening its capital base.
Neo plans to deploy the fresh capital towards technology investment, team expansion, and new product development. The firm employs over 850 professionals, including more than 150 senior wealth advisors.
Key Business News for 17 July 2026
MakeMyTrip Files Confidentially With SEBI for India IPO
MakeMyTrip, listed on the NASDAQ since 2010, has confidentially filed a draft red herring prospectus with SEBI for the India IPO of its wholly owned subsidiary MakeMyTrip (India) Limited. The offering consists entirely of an offer for sale by MakeMyTrip Ltd and its Singapore-based subsidiary ibibo Group Holdings Pte Ltd (GoIbibo), with reports indicating the company could raise over $1 billion. Proceeds will be used to strengthen the balance sheet, make strategic acquisitions, and repurchase securities. The company had tapped Axis Capital, Morgan Stanley, and JP Morgan as advisers, and had been targeting a listing in Q1 FY27.
Jio Platforms Posts ₹7,764 Crore Q1 FY27 Net Profit, Up 9.2% YoY
Jio Platforms reported a consolidated profit after tax of ₹7,764 crore in Q1 FY27, up 9.2% year on year, though down 2.2% sequentially from ₹7,935 crore. Operating revenue rose 11.8% YoY to ₹39,173 crore, while EBITDA grew 15.1% YoY to ₹20,865 crore, with EBITDA margin expanding to 53.3%. The company ended the quarter with more than 533 million subscribers, including approximately 285 million 5G users, and fixed broadband connections of 28.6 million. Digital services revenue grew 20% YoY, driven by content, cloud compute, IoT, and managed services.
WeWork India Shares Fall 6.7% After Q1 Net Loss Despite Revenue Growth
Shares of WeWork India closed 6.7% lower at ₹679 on the BSE on 17 July, after the coworking firm reported a consolidated net loss of ₹4.1 crore in Q1 FY27 under Ind-AS accounting standards. Revenue from operations rose 28% YoY to ₹683.8 crore, and the company said it generated an IGAAP-equivalent net profit of ₹53.2 crore and IGAAP EBITDA of ₹138.3 crore, up 69% YoY. WeWork India ended the quarter with 79 centres and around 1.34 lakh operational desks, with signed leases for a further 44,000 desks and capacity expected to reach 1.55 lakh desks by March 2027.
Kissht Subsidiary Gets AMFI Authorisation for Mutual Fund Distribution
OnEMI, the listed parent of lending tech platform Kissht, has received an AMFI Registration Number for its wholly owned subsidiary Invincible Minds, allowing it to act as a mutual fund distributor from 13 July 2026 to 12 July 2029. OnEMI incorporated Invincible Minds last month with an investment of ₹90 crore, as part of its stated DRHP plan to expand beyond lending into allied financial services. Kissht reported a 75% jump in net profit to ₹281.5 crore in FY26, with operating revenue up 63% YoY to ₹2,179.3 crore. The move puts it alongside Zerodha, Groww, and Angel One in the digital mutual fund distribution space.
HCLTech Acquires Guardian India Operations for $10.5 Million
HCLTech has agreed to acquire the India operations of Guardian, a US-based insurer, for $10.5 million. Alongside the acquisition, HCLTech signed a fresh seven-year technology services agreement with Guardian. The deal is expected to close on 1 August 2026 and does not require regulatory approvals.
Muskaan Kapoor
