Wealthtech startup Centricity has raised $20 million in a funding round led by Lightspeed India Partners. The round also saw participation from returning investors such as the Burman Family Office and Shantanu Agarwal. This latest funding brings Centricity’s valuation to $125 million.
The startup had previously raised $4 million in September 2022, in a round also led by the Burman Family Office, which valued the company at $20 million at that time. Centricity plans to use the newly raised funds to scale its two platforms, Invictus and One Digital. The company’s leadership team includes founders and key executives Gaurav Tiwari, Manish Sharma, Pushpendra Singh, Aditya Shankar, and CEO and founder Manu Awasthy.
The successful funding round demonstrates strong investor confidence in Centricity’s vision and growth potential in the wealthtech space. The company aims to empower financial advisors by simplifying access to financial products and enhancing the understanding of financial portfolios. Centricity generated a revenue of Rs 13.5 crore in FY23, with a net burn of Rs 1.77 crore, and has grown over threefold in FY24.
The fresh capital will be used to expand private banking services, pursue strategic acquisitions, and double the tech development team from 75 to over 150 specialists.
centricity’s latest funding achievement
The focus will be 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. 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 operations,” said Awasthy, Founder and CEO of Centricity.
Centricity’s OneDigital platform serves as a one-stop shop for Financial Product Distributors (FPDs) to access and distribute a broad range of financial products from over 100 asset management companies. Since April 2023, OneDigital has built a network of over 4,500 FPDs across 12 states and 26 cities, onboarding nearly 10,000 clients. Invictus, the second platform, simplifies the investment management process for Single Family Offices (SFOs) by offering comprehensive insights, investment mandates, multi-product selection, net worth reporting, and performance tracking.
The platform has enrolled several SFOs with financial portfolios exceeding Rs 100 crore. “Centricity’s vision of redefining wealth management with its unique solution is crucial 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 industry benchmark,” stated Shuvi Shrivastava, Partner and Advisor.
Shrivastava further emphasized the platform’s potential to democratize access to financial products and address India’s largely underserved wealth market, expressing strong confidence in Centricity’s innovative approach and disruptive potential in the wealth management landscape.
