Centricity, a wealth management startup based in Gurugram, has raised $20 million in a seed funding round led by Lightspeed. Other notable investors in the round include Paramark VC, Burman Family Office, Shantanu Agarwal, MS Dhoni Family Office, NB Ventures, and other family offices. The latest investment values Centricity at $125 million, a significant rise from its previous valuation of $20 million during the 2022 pre-seed round.
What Does Centricity Do?
Founded in 2022 by former private bankers Manu Awasthy, Aditya Shankar, Gaurav Kumar Tiwari, Manish Sharma, and Pushpendra Singh, Centricity provides a plug-and-play financial services platform. It is designed for independent financial advisors, external asset managers, and single-family offices. The platform also caters to ultra-high-net-worth individuals (UHNIs) through its Invictus offering, while One Digital helps financial intermediaries, especially in tier 2 and tier 3 cities.
Purpose of Fundraising
Centricity plans to use the newly raised funds to scale its platforms, Invictus and One Digital, by investing in technology and talent. The company also aims to expand its private banking services and pursue strategic acquisitions. Additionally, Centricity is looking to enter other financial services such as insurance, stock broking, and credit.
Technology and Sales Teams
With the fresh capital, Centricity is looking to double its technology team from 75 to over 150 members. The focus will be on developing generative AI-driven modules, insurtech, and broking-tech platforms. The startup also plans to increase its sales team across 100 to 125 cities in India. Furthermore, Centricity intends to hire 40 to 50 private bankers to manage its UHNI client base.
Focus on Underserved Markets
Centricity operates through two main channels: Invictus, which caters to UHNIs, One Digital, which empowers financial intermediaries like mutual fund distributors and insurance agents in underserved regions.
The company offers digital onboarding, transaction support, and training to help financial product distributors serve clients in tier 2 and tier 3 cities. Since its inception, Centricity has onboarded over 4,500 financial distributors and is currently managing assets worth Rs 4,500 crore. The company plans to further expand to 120 cities within the next 12 to 18 months.
