Gurugram-based wealthtech startup Centricity has secured $20 million in seed funding, with Lightspeed India Partners leading the round. Returning investors, including the Burman Family Office and Shantanu Agarwal, also participated, among others.
With this latest funding, Centricity’s valuation has climbed to $125 million, as confirmed by co-founder and CEO Manu Awasthy. Additional investments came from Korean venture capital firm Paramark VC and several high-profile family offices and angel investors. This group includes MS Dhoni Family Office, NB Ventures Family Office, Aakash Chaudhry (former CEO of Aakash Institute), Oyo’s Ritesh Agarwal, Nvidia’s Vishal Dhupar, MMG Group Family Office, and Action Tesa Family Office.
Centricity plans to use the capital to enhance its platforms, Invictus and One Digital, through investments in technology, talent acquisition, expansion of private banking services, and strategic acquisitions. According to Awasthy, the startup’s focus is on serving ultra-high-net-worth individuals (UHNIs) who control approximately 70% of India’s wealth. Their B2B2C model aims to fill the gap in India’s financial distribution network, with aspirations to create the nation’s largest financial distribution company.
Founded in 2022 by a team of former private bankers, including Awasthy, Gaurav Tiwari, Manish Sharma, Pushpendra Singh, and Aditya Shankar, Centricity provides a comprehensive financial services platform. This platform enables independent financial advisors, external asset managers, and single-family offices to efficiently manage investment portfolios, offering digital transactional capabilities across a variety of financial products.
The One Digital platform supports intermediaries such as mutual fund distributors and insurance agents by providing access to financial products, training, and technological solutions, especially in tier 2 cities and beyond. Invictus caters to UHNI individuals and single-family offices, helping manage portfolios valued at over $12 million.
Centricity currently hosts over 4,500 financial distributors on its platform, managing assets worth Rs 4,500 crore across 92 UHNI families. The company plans to expand its distribution network to 120 cities within the next 12 to 18 months, up from the current 27. Centricity will also use the funds to hire 40-50 private bankers, dedicated to serving UHNI clients, and will double its tech team, growing from 75 to over 150 specialists. This expanded tech team will focus on innovations like generative AI-led modules, insurtech, and broking-tech platforms.
In February, Centricity reached operating profitability, according to Awasthy. The company had previously raised $4 million in September 2022, led by the Burman Family Office, when it was valued at $20 million.
“Centricity’s unique approach to wealth management is pivotal for India’s rapidly changing financial sector. Their platform empowers independent financial advisors and former private wealth professionals, providing a sophisticated yet user-friendly solution that sets a new standard in the industry,” said Shuvi Shrivastava, partner and advisor at Lightspeed India Partners.
