Centricity, a wealth management startup has raised $20 million in a seed round led by Lightspeed, valuing the company at $125 million.
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, OYO founder Ritesh Agarwal, Vishal Dhupar (MD, Nvidia) MMG Group Family Office, and Action Tesa Family Office, among others.
The Gurugram-based startup plans to use the fresh capital to expand its technology and talent, scale its two main platforms – Invictus and One Digital and pursue strategic acquisitions.
Centricity’s OneDigital platform serves as a comprehensive resource for Financial Product Distributors (FPDs), providing access to products from over 100 asset management companies. Since April 2023, the company has built a network of over 4,500 FPDs across 12 states and 26 cities, onboarding nearly 10,000 clients.
The Invictus platform is designed to simplify investment management for Single Family Offices (SFOs), offering insights, investment mandates, multi-product selection, net worth reporting, and performance tracking.
The company also plans to double its tech development team from 75 to over 150 specialists, focusing on innovations like generative AI-led modules, insure-tech, and broking-tech platforms.
The platform also aims to provide actionable insights and not push products. It has onboarded several SFOs with financial portfolios exceeding ₹100 crore.
Manu Awasthy, Founder & CEO, Centricity, said, “Our tech product and business growth are testimony of an impeccable team, immaculately executing a coherent idea. End investors in wealth management are tech-starved and crave for 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.”
“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.
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.
Centricity currently hosts over 4,500 financial distributors on its platform, managing assets worth ₹4,500 crore across 92 UHNI families. The company plans to expand its distribution network to 120 cities within the next 12 to 18 months, up from the current 27.
Centricity will also use the funds to hire 40-50 private bankers, dedicated to serving UHNI clients, and will double its tech team, growing from 75 to over 150 specialists. This expanded tech team will focus on innovations like generative AI-led modules, insurtech, and broking-tech platforms.
The company has claimed that it has reached operating profitability in February. The company had previously raised $4 million in September 2022, led by the Burman Family Office, when it was valued at $20 million.
