Gurugram-based Wealthtech Startup Centricity Raises $20M in Seed Funding

In a significant move within India's wealthtech landscape, Centricity, a Gurugram-based startup, has successfully raised $20 million in a seed funding round. The round was led by Lightspeed India Partners, with additional investments from the Burman Family Office, Shantanu Agarwal, and other high-profile investors, including MS Dhoni Family Office, Oyo’s Ritesh Agarwal, and Nvidia’s Vishal Dhupar. This new funding brings Centricity's valuation to $125 million, according to Manu Awasthy, the company’s cofounder and CEO.

Who Invested and Why?

The funding round attracted a diverse group of investors. Among them was Korean venture capital firm Paramark VC, alongside multiple family offices and angel investors. The participation of renowned figures like MS Dhoni Family Office, NB Ventures Family Office, and Action Tesa Family Office demonstrates strong confidence in Centricity's growth potential.

The funds are earmarked for scaling Centricity’s platforms, Invictus and One Digital. With plans to expand in the areas of technology development, private banking services, and strategic acquisitions, Centricity aims to solidify its position as a major player in the financial distribution sector.

A Vision to Dominate India’s Wealth Sector

Centricity’s goal is ambitious: to tap into the wealth of ultra-high-net-worth individuals (UHNIs), a segment that controls around 70% of India’s wealth. The startup operates through a B2B2C framework, which no Indian company has effectively mastered.

Awasthy explained that Centricity's mission is to create India’s largest financial distribution network, serving both UHNIs and retail consumers across the nation. This approach allows the company to meet the needs of independent financial advisors and asset managers, providing them with a plug-and-play platform to manage investment portfolios seamlessly.

How Centricity is Reshaping Wealth Management

Founded in 2022 by former private bankers, including Awasthy, Gaurav Tiwari, Manish Sharma, Pushpendra Singh, and Aditya Shankar, Centricity has rapidly gained traction. The platform offers digital transactional capabilities across various financial products, helping advisors and distributors manage portfolios more efficiently.

• Invictus: This platform simplifies investment management for UHNIs, targeting individuals with portfolios exceeding $12 million.
• One Digital: This tool provides intermediaries like mutual fund distributors and insurance agents with access to financial products, training, and technology solutions, particularly focusing on tier 2 and tier 3 cities.

With over 4,500 financial distributors already onboard and assets worth Rs 4,500 crore under management, Centricity is primed for rapid growth. The company also serves 92 UHNI families and aims to expand its reach to 120 cities within the next 12 to 18 months.

Investing in Talent and Technology

Centricity plans to use part of the funding to hire 40-50 private bankers, who will exclusively manage UHNI clients. In addition, the company will double its tech team, bringing it up to 150 specialists. These experts will focus on developing generative AI-led modules, insurtech, and broking-tech platforms, all aimed at pushing the boundaries of financial services innovation.

Achieving Profitability and Long-Term Growth

Notably, Centricity achieved operating profitability in February 2024, a rare milestone for startups at this stage. The company previously raised $4 million in 2022, led by the Burman Family Office, with a valuation of $20 million at the time.

Industry Impact and Future Outlook

According to Shuvi Shrivastava, partner at Lightspeed India Partners, "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."

With its ambitious growth plans and solid backing from a mix of high-profile investors, Centricity is well-positioned to revolutionize wealth management in India. As the company expands its platform capabilities and distribution network, it’s poised to become a key player in both the UHNI segment and the broader wealth management space.