Gurugram, September 12, 2024 – Centricity, an emerging player in the digital wealth management sector, has successfully raised $20 million in seed funding, elevating its valuation to $125 million. This capital injection will enable the startup to enhance its talent pool and accelerate the development of cutting-edge technologies, including Generative AI and advanced broking platforms.
Founded in 2022 by industry veterans Manu Awasthy, Gaurav Tiwari, Manish Sharma, Pushpendra Singh, and Aditya Shankar, Centricity is on a mission to streamline financial advisory services. The company aims to simplify access to financial products and enhance the clarity of financial portfolios through its innovative platforms.
Centricity plans to leverage this new funding to scale its flagship platforms—Invictus and One Digital—by expanding its technology and talent resources. The startup intends to double its tech development team from 75 to over 150 specialists, focusing on advancements in Generative AI, insuretech, and broking technologies.
“Our goal is to bridge the tech gap in wealth management by providing intuitive and effective solutions. Centricity’s rapid growth within just 15 months underscores our commitment to transforming financial advisory services in India,” said Manu Awasthy, Founder and CEO.
Centricity Revenues Tripled in FY24
In fiscal year 2023, Centricity reported revenue of Rs 13.5 crore and a net burn of Rs 1.77 crore. Awasthy disclosed that the company’s revenue has more than tripled in FY24, reflecting its accelerated growth trajectory.
Centricity’s OneDigital platform offers Financial Product Distributors (FPDs) a comprehensive suite of financial products from over 100 asset management firms. Since its launch in April 2023, the platform has built a network of 4,500 FPDs across 12 states and 26 cities, onboarding nearly 10,000 clients.
The Invictus platform caters to Single Family Offices (SFOs), providing tools for investment management, including insights, mandates, and performance tracking. It has attracted several SFOs with portfolios exceeding Rs 100 crore, focusing on delivering actionable insights rather than pushing products.
Shuvi Shrivastava, Partner and Advisor at Lightspeed, praised Centricity’s innovative approach. “Centricity is setting a new standard in wealth management with its unique solutions. The company’s dedication to providing democratized access to financial products and addressing the needs of the underserved Indian market is commendable.”
The seed funding round was led by Lightspeed, with participation from returning investors Burman Family Office and Shantanu Agarwal. Other notable contributors included Paramark VC, MS Dhoni Family Office, Aakash Chaudhry, NB Ventures Family Office, Ritesh Agarwal, Vishal Dhupar, MMG Group Family Office, and Action Tesa Family Office.
