Gurugram-based Centricity has successfully raised $20 million (approximately INR 166 crore) in its latest seed funding round, with Lightspeed leading the investment. This funding round values the company at $125 million (around INR 1,049 crore). The investment also saw contributions from Paramark Ventures and several prominent family offices and angel investors, including the 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 (Managing Director of NVIDIA Asia South), among others.
Strategic Use of Funds
The freshly raised capital will be strategically utilized to enhance Centricity’s technology infrastructure, particularly focusing on the development of GenAI modules. According to Manu Awasthy, Founder and CEO of Centricity, the funds will also be directed towards scaling the company’s growth team, including the hiring of private bankers and expanding the B2B2C business development channel. Additionally, Centricity plans to pursue strategic acquisitions to bolster its technology offerings.
About Centricity
Founded in 2022 by Manu Awasthy, Centricity provides plug-and-play solutions designed for independent financial advisors (IFAs) transitioning into wealth management. The company aims to create a comprehensive open-source financial service platform, targeting IFAs, external asset managers, and single-family offices to streamline investment portfolio management.
“Our focus is on addressing the technology gap in wealth management with innovative, user-friendly solutions. Within just 15 months of launching, Centricity has scaled rapidly, outpacing traditional wealth management firms in India,” Awasthy noted.
Plans for Expansion
Centricity plans to double its tech development team from 75 to over 150 specialists, concentrating on GenAI-driven modules, insurtech, and brokingtech platforms. This expansion is part of the company’s strategy to enhance its technology stack and address the growing demand for advanced wealth management solutions.
Previously, Centricity raised $4 million in its pre-seed funding round in 2022. For the fiscal year 2023, the company reported a revenue of INR 13.5 crore and a net loss of INR 1.3 crore. The financial results for FY24 are yet to be disclosed.
Growing Interest in Wealthtech
The Indian wealthtech sector continues to attract substantial investor interest. Recently, Infinyte.Club secured $3.6 million in its seed funding round led by Elevation Capital, and Stable Money raised INR 123.5 crore in its Series A funding round led by RTP Capital to further its wealthtech initiatives.
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