Wealthtech

Centricity Raises $20M Seed Round Led by Lightspeed; Valued at $125M

• ByStartupStory     |    September 12, 2024

Wealth management startup Centricity has secured $20 million in a seed funding round at a valuation of $125 million. The round was led by Lightspeed and included participation from returning investors Burman Family Office and Shantanu Agarwal, alongside others like 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.

Founded in 2022 by Manu Awasthy, Gaurav Tiwari, Manish Sharma, Pushpendra Singh, and Aditya Shankar, Centricity aims to simplify financial advisory processes by offering financial advisors easier access to products and clearer insights into portfolios.

During an interview with YourStory, Manu Awasthy, Founder and CEO of Centricity, shared that the startup generated Rs 13.5 crore in revenue during FY23, with a net burn of Rs 1.77 crore. Awasthy added, “The company has grown over 3X of this in FY24.” According to the Gurugram-based startup, the fresh funds will be directed toward scaling its platforms—Invictus and One Digital—with technological advancements and talent acquisition. The company is also focusing on expanding private banking services and pursuing strategic acquisitions.

Centricity plans to double its tech development team from 75 to over 150 specialists, concentrating on innovations such as 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,” Awasthy said in a press statement.

The company’s first technology platform, OneDigital, is designed for Financial Product Distributors (FPDs) to access and distribute a wide range of financial products from over 100 asset management companies. Since its launch in April 2023, Centricity has built a network of over 4,500 FPDs across 12 states and 26 cities, onboarding nearly 10,000 clients.

Its second platform, Invictus, streamlines the investment management process for Single Family Offices (SFOs). Invictus provides comprehensive insights, investment mandates, multi-product selection, net worth reporting, and performance tracking, with a focus on delivering actionable insights rather than pushing products. Several SFOs with financial portfolios exceeding Rs 100 crore have already adopted Invictus.

“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.

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