Centricity raises $20M in seed funding led by Lightspeed; valued at $125M
Centricity plans 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.
Wealth management startup raised $20 million in a seed round, at a valuation of $125 million, led by Lightspeed and returning investors Burman Family Office and Shantanu Agarwal, among others.
The round also saw participation from Paramark VC, a South Korean venture capital fund, MS Dhoni Family Office, Aakash Chaudhry (Ex-Aakash Institute), NB Ventures Family Office, Ritesh Agarwal (OYO), Vishal Dhupar (MD, Nvidia) MMG Group Family Office, and Action Tesa Family Office, among others.
Founded in 2022 by Manu Awasthy, Gaurav Tiwari, Manish Sharma, Pushpendra Singh, and Aditya Shankar, Centricity aims to empower financial advisors to easily access and transact in financial products while simplifying the understanding of financial portfolios.
During an interaction with YourStory, Awasthy said Centricity generated a revenue of Rs 13.5 crore in FY23, and the net burn was Rs 1.77 crore. He claimed that the company has grown over 3X of this in FY24.
In a press statement, the Gurugram startup said it will use the fresh capital to scale its two platforms—Invictus and One Digital—with technology and talent, expand private banking services, and pursue strategic acquisitions.
The company plans 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.
“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. Our scale has been bigger and faster than any wealth management company in India within 15 months of starting the operations,” said Awasthy, Founder and CEO of Centricity, in a statement.
The startup's first technology platform, OneDigital, 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, Invictus, simplifies the investment management process for Single Family Offices (SFOs) by offering 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.
“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," said Shuvi Shrivastava, Partner and Advisor at Lightspeed.
"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 of promise. We have a strong belief in Centricity’s innovative approach and its potential to disrupt the wealth management landscape,” Shrivastava added.
Edited by Suman Singh