Centricity Raises Dollar20 Mn in Seed Round at Dollar125 Mn valuation Led by Lightspeed
12 September 2024: Centricity, India’s fastest growing tech-first wealth management company, has successfully raised USD 20 million in a seed funding round to advance its mission of revolutionising wealth management through its technology-based platform. This investment was led by Lightspeed with returning investors Burman Family Office, Shantanu Agarwal amongst others. The round also saw investments from Paramark VC, a distinguished Korean venture capital fund and a group of renowned Family Offices and angel investors, including MS Dhoni family office, Aakash Chaudhry (Ex Aakash Institute), NB Ventures family office, Ritesh Agarwal (OYO), Vishal Dhupar (MD Nvidia) MMG group family office and Action Tesa family office among others.
With a vision to build India’s largest financial distribution franchise and a best-in-class boutique private banking practice, Centricity plans to utilise the fresh capital to expand its operations. The company plans to double its tech development team from 75 to over 150 specialists, focusing on innovations like generative AI led modules, insure-tech, and broking-tech platforms. Through a “phygital” approach, Centricity aims to empower financial advisors to easily access and transact in financial products while simplifying the understanding of financial portfolios.
On the successful fundraise, Manu Awasthy, Founder & CEO of Centricity, said, “Our tech product and business growth are testimony of an impeccable team, immaculately executing a coherent idea. End investors in wealth management are tech starved and crave for simple, sincere solutions. And Centricity is solving this problem through its tech first mind set 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”
“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. 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. We have strong belief in Centricity’s innovative approach and its potential to disrupt the wealth management landscape,” said Shuvi Shrivastava, Partner & Advisor, Lightspeed.
Saket Burman from Burman Family Office said, “We backed Centricity’s founding team in the pre-seed round, recognising their potential to transform how UHNWIs and SFOs in India manage their wealth. While others still rely on basic tools, Centricity is offering a cutting-edge solution. The team’s remarkable progress and proven execution reaffirm our belief that they can become a leader in this challenging market.”
MS Dhoni Family Office said, “Centricity’s OneDigital is on a mission to democratize wealth management for a billion Indians and boost financial product distribution, especially in tier 2/tier 3 towns and cities. Investing in Centricity will be step towards partnering in this journey.”
