Wealthtech startup Centricity has raised $20 Mn (around INR 166 Cr) in its seed funding round, led by Lightspeed, at a valuation of $125 Mn (around INR 1,049 Cr).
The round also saw participation from Paramark Ventures, along with a clutch of family offices and angel investors, including Burman family office, NB Ventures family office, MS Dhoni family office, MMG group family office, Action Tesa family office, Aakash Chaudhry (former executive at Aakash Institute), Ritesh Agarwal (OYO’s founder and CEO) and Vishal Dhupar (NVIDIA Asia South’s managing director), among others.
“The fresh proceeds would primarily be deployed to scale up our technology stack as we are building GenAI modules. Secondly, we will be enhancing our growth team which includes private bankers and B2B2C BD channel. And last, we will be looking for strategic acquisitions on the technology front,” Centricity founder and CEO Manu Awasthy told Inc42.
Founded in 2022 by Awasthy, Centricity offers plug-and-play solutions for independent financial advisors (IFA) looking to make the transition to the wealth management space.
The startup aims to build a full-stack open source financial service platform largely targeted at IFAs, external asset managers and single-family offices to manage investment portfolios efficiently.
“End investors in wealth management are tech starved and crave for 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 the operations,” he added.
In a statement, the startup said it is aiming to double its tech development team to over 150 specialists from 75 currently, with focus on GenAI-driven modules, insurtech, and brokingtech platforms.
Prior to this, the startup raised $4 Mn in its pre-seed funding round in 2022.
Centricity reported a revenue of INR 13.5 Cr and a net loss of INR 1.3 Cr in FY23. The startup is yet to file its FY24 financial results.
The development comes at a time when the Indian wealthtech space has been seeing a lot of interest from investors.
For instance, wealthtech startup Infinyte.Club raised $3.6 Mn in its seed funding round led by Elevation Capital last month. In July, Stable Money also raised INR 123.5 Cr in its Series A funding round led by RTP Capital to expand its wealthtech play.
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