Wealth management startup Centricity raises $20 million led by Lightspeed, others

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 $20 million valuation 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 3 cities.

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Purpose of fundraising

With the fresh capital, Centricity plans to scale its platforms, Invictus and One Digital, by investing in technology and talent, expanding private banking services, and pursuing strategic acquisitions.

The startup is also preparing to enter other financial services such as insurance, stock broking, and credit. 

“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. 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 for promise,” said Shuvi Shrivastava, Partner & Advisor, Lightspeed.

Aiming to double the technology and sales team

Centricity aims to double its technology team from 75 to over 150 members, focusing on generative AI-driven modules, insurtech, and broking-tech platforms. It is also focused on expanding its sales team across 100 to 125 cities. 

Additionally, the startup plans to hire 40 to 50 private bankers to manage UHNI 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 its inception, Centricity has onboarded over 4,500 financial distributors and is managing assets worth approximately Rs 4,500 crore.

In just one year, the startup doubled its distributor network, indicating the strong demand for its services in tier 2 and 3 cities. It aims to further scale operations by expanding to 120 cities within the next 12 to 18 months.