Gurugram-based wealth management startup Centricity has raised $20 million in a seed funding round, led by Lightspeed.
The round saw participation from several prominent investors including Paramark VC, Burman Family Office, Shantanu Agarwal, MS Dhoni Family Office, NB Ventures and other family offices.
The round values the startup at $125 million, a significant jump from its previous valuation of $20 million during a pre-seed round in 2022.
What does Centricity do?
Founded in 2022 by former private bankers Manu Awasthy, Aditya Shankar, Gaurav Kumar Tiwari, Manish Sharma and Pushpendra Singh, Centricity aims to provide a plug-and-play financial services platform for independent financial advisors, external asset managers and single-family offices.
The startup also simplifies investment management for ultra-high net worth individuals (UHNIs) with its Invictus offering, while One Digital focuses on empowering financial intermediaries, particularly in Tier 2 and Tier 3 cities.
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Purpose of fundraising
With the new capital, Centricity plans to expand its platforms, Invictus and One Digital, by investing in technology and talent, expanding private banking services and seeking strategic acquisitions.
The startup is also preparing to enter other financial services such as insurance, stock brokerage and credit.
“The firm’s commitment to empowering independent financial advisors and former private wealth professionals with a sophisticated yet easy-to-use platform sets a new benchmark in the industry. By offering democratized access to all financial products for investors and a commitment to address the largely underserved Indian wealth market, the platform holds great promise,” said Shuvi Shrivastava, Partner and Advisor at Lightspeed.
With the aim of doubling the technological and sales team
Centricity aims to double its technology team from 75 to over 150 members, focusing on generative AI-based modules, insurance technology, and brokerage technology platforms. It is also focused on expanding its sales team to between 100 and 125 cities.
In addition, the startup plans to hire 40 to 50 private bankers to manage UHNI’s clients.
Focus on underserved markets
Centricity’s business model is based on two main channels: Invictus for UHNIs and One Digital for financial intermediaries. One Digital provides tools and resources for financial product distributors (FPDs) to serve clients in underserved areas. This includes digital onboarding, transaction support, and training for mutual fund distributors and insurance agents.
Since inception, Centricity has onboarded over 4,500 financial distributors and manages assets worth approximately Rs 4,500 crore.
In just one year, the startup has doubled its distributor network, indicating the strong demand for its services in second- and third-tier cities. It aims to further scale up its operations by expanding to 120 cities in the next 12 to 18 months.
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