Wealth management Platform Centricity bags $20 million in Seed Funding round
A cost effective and transparent wealthtech startup, Centricity has secured $20 million in a seed funding round spearheaded by Lightspeed. Other investors who graced the funding round by their presence include Paramark VC and existing partners Burman Family Office, Shantanu Agarwal as well as angel investors Ritesh Agarwal, Vishal Dhupar and MS Dhoni Family Office.
In September 2022, the B2B2C platform located in Gurugram raised $4 million during its pre-seed round. Recent reports suggest that Centricity has obtained additional funding at a valuation of $125 million - an increase of over six times from the previous value of $20 million recorded during the initial investment phase.
According to a press release, Centricity plans on using the newly acquired funds to expand its Invictus and One Digital platforms. The company intends to invest in technology and talent as well as broaden existing private banking services. Additionally, strategic acquisitions will be pursued with this fresh capital infusion.
The company intends to increase its tech development team from 75 employees to more than 150, with a special focus on generative AI-powered modules as well as insurtech and broking-tech platforms.
Centricity was established by Manu Awasthy in the beginning of 2022 to provide plug-and-play options for those seeking a transition from employee to entrepreneur (E2E). The platform enables financial advisors with seamless access and transaction capabilities within various financial products, all while simplifying comprehension of complex portfolios.
Centricity announced a two-pronged plan aimed at considerably improving efficiencies for independent financial product distributors (FPDs) and single-family offices (SFOs).
In the last year, Wealthtech has witnessed a quick expansion with notable investments being made by venture capitalists. As reported by data intelligence platform TheKredible, 12 deals have raised over $200 million for wealthtech startups in India from October of the previous year till now.
Leading the way is Neo, backed by Peak XV, having raised $48 million. Following closely behind are Dezerv from Mumbai with $32 million in Series B funding and Syfe based out of Singapore but with a tech hub in Gurugram securing $27 million last month. Further notable fundraisers include Stable Money, Fisdom, InvestorAi, Wealthy, Powder, Infynite Club and Vijya Fintech.
In September 2022, the B2B2C platform located in Gurugram raised $4 million during its pre-seed round. Recent reports suggest that Centricity has obtained additional funding at a valuation of $125 million - an increase of over six times from the previous value of $20 million recorded during the initial investment phase.
According to a press release, Centricity plans on using the newly acquired funds to expand its Invictus and One Digital platforms. The company intends to invest in technology and talent as well as broaden existing private banking services. Additionally, strategic acquisitions will be pursued with this fresh capital infusion.
The company intends to increase its tech development team from 75 employees to more than 150, with a special focus on generative AI-powered modules as well as insurtech and broking-tech platforms.
Centricity was established by Manu Awasthy in the beginning of 2022 to provide plug-and-play options for those seeking a transition from employee to entrepreneur (E2E). The platform enables financial advisors with seamless access and transaction capabilities within various financial products, all while simplifying comprehension of complex portfolios.
Centricity announced a two-pronged plan aimed at considerably improving efficiencies for independent financial product distributors (FPDs) and single-family offices (SFOs).
In the last year, Wealthtech has witnessed a quick expansion with notable investments being made by venture capitalists. As reported by data intelligence platform TheKredible, 12 deals have raised over $200 million for wealthtech startups in India from October of the previous year till now.
Leading the way is Neo, backed by Peak XV, having raised $48 million. Following closely behind are Dezerv from Mumbai with $32 million in Series B funding and Syfe based out of Singapore but with a tech hub in Gurugram securing $27 million last month. Further notable fundraisers include Stable Money, Fisdom, InvestorAi, Wealthy, Powder, Infynite Club and Vijya Fintech.
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