News Post

​​Wealthtech startup Centricity raises $20 Mn in Seed round

Entrackr · 24d

Wealthtech startup Centricity has raised $20 million in a seed funding round led by Lightspeed. Paramark VC, along with existing investors such as Burman Family Office, Shantanu Agarwal, and angel investors including Ritesh Agarwal, Vishal Dhupar, and the MS Dhoni Family Office, also participated in the round. The Gurugram-based B2B2C platform had raised $4 million in its pre-seed round in September 2022. According to Centricity, the fresh capital has been raised at a valuation of $125 million. This is a more than six fold jump in valuation from $20 million in the pre seed funding. The fresh capital will be utilized to scale Centricity’s two platforms—Invictus and One Digital—by investing in technology and talent, expanding private banking services, and pursuing strategic acquisitions, the company said in a press release. 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). The platform empowers financial advisors to easily access and transact in financial products while simplifying the understanding of financial portfolios. Centricity stated that it has a two-pronged strategy to significantly enhance efficiencies for independent financial product distributors (FPDs) and single-family offices (SFOs). Wealthtech is experiencing rapid growth, as venture capitalists are making substantial investments in the past 12 months. 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. Mumbai-based Dezerv secured $32 million in Series B, while 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.