Centricity, a Gurugram, India-based wealthtech startup, has successfully raised $20 million in a seed funding round led by Lightspeed India Partners. The round also saw contributions from existing backers like the Burman Family Office and Shantanu Agarwal, along with a range of new investors. The company has now been valued at $125 million, as confirmed by its co-founder and CEO, Manu Awasthy.
Prominent investors in this round include Korean venture capital firm Paramark VC, MS Dhoni Family Office, NB Ventures Family Office, Aakash Chaudhry (former CEO of Aakash Institute), and Oyo’s Ritesh Agarwal. Other significant contributors include Nvidia’s Vishal Dhupar, MMG Group Family Office, and Action Tesa Family Office.
With this capital infusion, Centricity plans to bolster its platforms, Invictus and One Digital, by investing in technology, expanding its private banking services, hiring talent, and exploring strategic acquisitions. “We are deeply focused on serving ultra-high-net-worth individuals (UHNIs), who account for 70% of India’s wealth. Through our B2B2C model, we aim to build India’s largest financial distribution network,” said Awasthy in an interview with ET.
Founded in 2022 by a team of former private bankers, including Awasthy, Gaurav Tiwari, Manish Sharma, Pushpendra Singh, and Aditya Shankar, Centricity provides a plug-and-play platform for independent financial advisors, external asset managers, and family offices to manage investment portfolios. The platform offers comprehensive digital capabilities across a range of financial products, helping intermediaries manage client portfolios more efficiently.
The company’s One Digital platform provides mutual fund distributors and insurance agents with access to financial products, training, and technology, particularly targeting clients in tier 2 and 3 cities. Meanwhile, Invictus simplifies portfolio management for UHNI clients and family offices with portfolios above $12 million.
Currently, Centricity serves over 4,500 financial distributors, managing assets worth Rs 4,500 crore, and has 92 UHNI families on its platform. The company plans to expand its distribution network to 120 cities within the next 12 to 18 months, from the current 27. Additionally, Centricity will use part of the funding to hire 40-50 private bankers dedicated to managing UHNI clients, and it plans to double its tech team from 75 to over 150 specialists focusing on innovations like generative AI-led modules, insurtech, and broking-tech.
Having already reached operational profitability in February 2024, Centricity is poised to scale further. The startup previously raised $4 million in a September 2022 round led by the Burman Family Office, achieving a $20 million valuation at the time.
According to Shuvi Shrivastava, partner and advisor at Lightspeed India Partners, “Centricity is reshaping wealth management in India, offering a platform that empowers financial advisors and wealth professionals with advanced, yet intuitive tools. Their solution is essential in addressing the evolving needs of India’s financial landscape.”
