Funds will be used to enhance technology, talent, and strategic acquisitions to offer plug-and-play solutions for financial advisors and single-family offices
Centricity, a Gurugram-based B2B2C wealthtech startup, has secured $20 million in seed funding led by Lightspeed, a venture capital firm. This significant investment brings the company’s valuation to $125 million, a sixfold increase from its pre-seed funding of $20 million in September 2022.
Joining Lightspeed as investors in this round are existing backers Burman Family Office, Shantanu Agarwal, and angel investors Ritesh Agarwal, Vishal Dhupar, and the MS Dhoni Family Office.
Key Highlights:
- Centricity aims to use the fresh capital to scale its platforms, Invictus and One Digital, by investing in technology and talent to enhance private banking services and pursue strategic acquisitions.
- The company plans to double its tech development team from 75 to over 150, focusing on generative AI-driven modules, insurtech, and broking-tech platforms.
- Founded in early 2022 by Manu Awasthy, Centricity offers plug-and-play solutions for transitions from employee to entrepreneur (E2E) and empowers financial advisors to easily access and transact in financial products while simplifying the understanding of financial portfolios.
- The wealthtech company has a two-pronged strategy to significantly enhance efficiencies for independent financial product distributors (FPDs) and single-family offices.
Wealthtech Growth: Wealthtech startups in India have seen rapid growth in the past 12 months, with venture capitalists making substantial investments. According to data intelligence platform TheKredible, wealthtech startups in India have raised more than $200 million across 12 deals since October last year. Peak XV-backed Neo leads with $48 million, while Mumbai-based Dezerv secured $32 million in Series B, and Singapore-based Syfe, with a tech hub in Gurugram, raised $27 million last month. Other notable fundraisers include Stable Money, Fisdom, InvestorAi, Wealthy, Powder, Infynite Club, and Vijya Fintech.