360 One Wam Ltd., formerly IIFL Wealth & Asset Management, said it had picked up minority equity stake in residential real estate platform Neoliv for an unspecified amount.
Neoliv is founded by Mohit Malhotra, former MD, and CEO of Godrej Properties. The company is focusing on middle-income housing in Delhi NCR and Mumbai MMR markets, “targeting healthy returns with measured equity risk.”
The company plans to utilise the funds to set up robust investment, corporate governance and execution processes, hire top talent, and establish a unique competitive edge in the real estate sector, 360 One Wam said.
In addition, Neoliv has secured approval of Category II AIF from SEBI and intends to raise $150 million including a green shoe option of $60 million.
Mohit Malhotra, Founder and CEO, NEOLIV, said, “360 One’s commitment to Neoliv is a testament to the innovative platform which we are building in the residential space in India. The investment will allow us to build and expand our unique model to better serve our customers.”
Karan Bhagat, founder, MD & CEO, 360 One, said, “Over the past few years, there has been a vacuum created in the residential fund and development space, where we see strong demand as the country’s middle-income segment continues to grow.”
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