Centricity, a wealthtech startup, has raised $20 million in a funding round led by Lightspeed India Partners. The round also saw participation from returning investors such as Burman Family Office and Shantanu Agarwal, among others. This new investment brings the company’s valuation to $125 million.
The Gurugram-based startup plans to use the fresh capital to scale its two main platforms, Invictus and One Digital, by enhancing technology and talent, expanding private banking services, and pursuing strategic acquisitions. Centricity aims to double its tech development team from 75 to over 150 specialists, focusing on innovations like Generative AI-led modules, insuretech, and broking tech platforms. Founded in 2022 by Manu Awasthy, Gaurav Tiwari, Manish Sharma, Pushpendra Singh, and Aditya Shankar, Centricity’s goal is to empower financial advisors to easily access and transact in financial products while simplifying the understanding of financial portfolios.
Awasthy, Founder and CEO of Centricity, said, “End investors in wealth management are tech-starved and crave simple, sincere solutions. And, Centricity is solving this problem through its tech-first mindset and practical tech applications.
Scaling Centricity’s platforms with investment
Our scale has been bigger and faster than any wealth management company in India within 15 months of starting the operations.”
OneDigital, Centricity’s first technology platform, is a one-stop shop for Financial Product Distributors (FPDs) to access and distribute a wide array of financial products from over 100 asset management companies. Since April 2023, Centricity has created a network of over 4,500 FPDs across 12 states and 26 cities, onboarding nearly 10,000 clients. The second platform, Invictus, simplifies the investment management process for Single Family Offices (SFOs) by providing comprehensive insights, investment mandates, multi-product selection, net worth reporting, and performance tracking.
The platform aims to provide actionable insights and not push products. It has onboarded several SFOs with financial portfolios exceeding Rs 100 crore. Shuvi Shrivastava, Partner and Advisor at Lightspeed, said, “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. We have a strong belief in Centricity’s innovative approach and its potential to disrupt the wealth management landscape.”
- EconomicTimes.”Wealthtech startup Centricity raises $20 million in round led by Lightspeed India Partners”.
- YourStory.”Centricity raises $20M in seed funding led by Lightspeed; valued at $125M”.
- APACNewsNetwork.”Centricity Secures $20 Million in Seed Funding to Expand Wealth Management Platforms”.