Wealthtech Startup Centricity Secures USD 20 Mn Funding, Boosting Valuation to USD 125 Mn Centricity will use its new funds to expand its tech team, enhance generative AI and insurtech solutions, and grow private banking services. Plans also include strategic acquisitions to support growth.
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Wealthtech startup Centricity has secured USD 20 million in a seed funding round led by Lightspeed, alongside notable participants such as Paramark VC, Burman Family Office, Shantanu Agarwal, and angel investors like Ritesh Agarwal (OYO), Vishal Dhupar (MD, Nvidia), and the MS Dhoni Family Office. This latest investment brings Centricity's valuation to USD 125 million, a sixfold increase from its USD 20 million pre-seed valuation in September 2022.
The Gurugram-based B2B2C platform, founded in early 2022 by Manu Awasthy, focuses on providing seamless transitions for financial advisors through its two flagship platforms: Invictus and OneDigital. These platforms aim to revolutionise wealth management, addressing the needs of independent financial product distributors (FPDs) and single-family offices (SFOs).
OneDigital, a comprehensive tool for FPDs, grants access to financial products from over 100 asset management companies, enabling distributors to efficiently manage client portfolios. Since its launch in April 2023, Centricity has built a network of 4,500 FPDs across 12 states and 26 cities, serving nearly 10,000 clients. Invictus, on the other hand, simplifies investment management for SFOs, offering tools like investment mandates, multi-product selection, net worth reporting, and performance tracking.
The newly raised funds will be channeled into scaling these platforms by expanding the technology and talent pool. Centricity plans to double its tech team from 75 to 150, with a focus on generative AI, insurtech, and broking-tech solutions. Additionally, the startup aims to broaden its private banking services and explore strategic acquisitions to bolster its growth.
Founder and CEO of Centricity, Manu Awasthy, said, "Our tech product and business growth are testimony of an impeccable team, immaculately executing a coherent idea. End investors in wealth management are tech-starved and crave for simple, sincere solutions. And Centricity is solving this problem through its tech-first mindset and practical tech applications. Our scale has been bigger and faster than any wealth management company in India within 15 months of starting the operations."
Shuvi Shrivastava, Partner and Advisor at Lightspeed, stated, "Centricity's vision of redefining wealth management with its one-of-a-kind solution is essential for India's rapidly evolving financial landscape. The company's commitment to empowering independent financial advisors and former private wealth professionals with a sophisticated yet user-friendly platform sets a new benchmark in the industry."
"By offering democratised accessibility to all financial products for investors and a commitment to addressing the largely underserved Indian wealth market, the platform holds a lot for promise. We have strong belief in Centricity's innovative approach and its potential to disrupt the wealth management landscape," added Shrivastava.
