Wealthtech startup Centricity has raised $20 million in a recent funding round led by Lightspeed India Partners. The round also saw participation from previous investors, including the Burman Family Office and Shantanu Agarwal. This funding brings the company’s valuation to $125 million.
Founded by Manu Awasthy, along with co-founders Gaurav Tiwari, Manish Sharma, Pushpendra Singh, and Aditya Shankar, Centricity aims to revolutionize the wealth management industry through its innovative technology platforms, Invictus and One Digital. The fresh capital will be used to scale these platforms, enhance technology and talent, expand private banking services, and pursue strategic acquisitions. Awasthy stated that 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.
In an interaction, Awasthy shared that Centricity generated a revenue of Rs 13.5 crore in FY23, with a net burn of Rs 1.77 crore, and has grown over 3X since then.
New funding fuels growth plans
He said, “End investors in wealth management are tech-starved and crave simple, sincere solutions.
Centricity is solving this problem through its tech-first mindset and practical tech applications.”
OneDigital, Centricity’s first technology platform, is a one-stop shop for Financial Product Distributors (FPDs) to access and distribute 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. Invictus, the second platform, 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.
It aims to provide actionable insights without pushing products and has onboarded several SFOs with financial portfolios exceeding Rs 100 crore. Shuvi Shrivastava, Partner and Advisor at Lightspeed, commented on the investment, saying, “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 sets a new benchmark in the industry.”
Previously, Centricity had raised $4 million in September 2022, led by the Burman Family Office at a $20 million valuation.
With this latest round of funding, the startup is well-positioned to continue its growth and innovation in the wealthtech sector, as it aims to make financial technology services more accessible to under-served markets in Tier 2, 3, and 4 cities.
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