Wealthtech startup Centricity has raised $20 million in a seed funding round led by Lightspeed India Partners, valuing the company at $125 million. The round also saw participation from Korean venture capital fund Paramark VC, OYO founder Ritesh Agarwal, NVIDIA MD Vishal Dhupar, and family offices of MS Dhoni, NB Ventures, MMG group, and Action Tesa. Founded in January 2022 by Manu Awasthy, Gaurav Tiwari, Manish Sharma, Pushpendra Singh, and Aditya Shankar, Centricity aims to simplify access to financial products for advisors and investors.
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.
Centricity’s funding boost and expansion
It has onboarded several SFOs with portfolios exceeding Rs 100 crore.
“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,” said Manu Awasthy, Founder and CEO of Centricity. The company 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.
“Centricity’s vision of redefining wealth management with its one-of-a-kind solution is essential for India’s rapidly evolving financial landscape,” said Shuvi Shrivastava, Partner and Advisor at Lightspeed. “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.”
In FY23, Centricity generated a revenue of Rs 13.5 crore and had a net burn of Rs 1.77 crore. According to Awasthy, the company has grown over threefold in FY24.
The new funding will help Centricity scale its operations, enhance its technology, and continue its mission of transforming the wealth management sector in India.
