Wealthtech startup Centricity raises $4M in funding led by Burman Family Office

New Delhi-based B2B2C wealth tech startup Centricity has raised $4 million (approx. Rs 31.7 crore) in a pre-Seed funding round led by the Burman family office, Shantanu Agarwal (LNJ Bhilwara group), and Arun Jain (Intellect design arena/founder - Polaris Software Labs) at a valuation of $20 million.

The pre-seed round also saw participation from Devesh Sachdev (Fusion Microfinance), Rajesh Razdan (Devtron Labs), Ankush Nijhawan (TBO), Purrshottam Bhaggeria (Filatex group), Abhay Agarwal (Burman family office), and Pravin Jain/Navin Jain (Supercircle family office).

Founded in early 2022 Manu Awasthy, Centricity said it is aiming to build a tech solution for a largely unorganized independent financial advisors (IFA) community and former private wealth professionals who wish to be wealth management solopreneurs.

The startup offers plug-and-play solutions for seamless “employee to entrepreneur" (E2E) transitions. With this round of funding, it intends to strengthen its teams across technology, investment product, and sales functions, as well as increase brand awareness.

“Centricity aims to build a full-stack open-source financial services platform for IFAs, external asset managers (EAMs) & single-family offices (SFOs) to manage investment portfolios, said Manu Awasthy.

In the first phase, the startup has conceptualized and developed an invest-tech platform that features a full spectrum investment product marketplace, digital transactional capabilities, and deep portfolio reporting & monitoring capability. 

According to Manu, Centricity aims to integrate life & non-life insurance products as well as mortgages in the second phase. Additionally, it aims to onboard 1,000-1,500 IFAs in the next 24 months with a combined transaction value of at least $1 billion.

Speaking on the investment, Saket Burman, said, “Wealth management is an exciting and competitive space. It is encouraging to see experienced professionals from the private wealth management ecosystem identify value gaps on the technology front and build solutions around them. The key here is to understand existing propositions and pain points for both relationship managers and clients, and then work with industry-specific technology teams to innovate."

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