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

EntrackrEntrackr · 11m ago
​​Wealthtech startup Centricity raises $20 Mn in Seed round
Medial

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.

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Wealthtech startup Centricity raises $20 million in round led by Lightspeed India Partners

Economic TimesEconomic Times · 11m ago
Wealthtech startup Centricity raises $20 million in round led by Lightspeed India Partners
Medial

Gurugram-based wealthtech startup Centricity has raised $20 million in seed funding, led by Lightspeed India Partners. The company, now valued at $125 million, plans to use the funds to scale its platforms, invest in technology and talent, expand private banking services, and pursue strategic acquisitions. Centricity provides a financial services platform for independent financial advisors, external asset managers, and single-family offices to manage investment portfolios. The company also offers digital transactional capabilities and aims to build India's largest financial distribution company. Centricity currently has over 4,500 financial distributors and manages assets worth Rs 4,500 crore with 92 UHNI families.

Centricity, Trisu, GameEon and Dharaksha raise early-stage funding

VCCircleVCCircle · 11m ago
Centricity, Trisu, GameEon and Dharaksha raise early-stage funding
Medial

Wealthtech management company Centricity raised $20 million in a seed funding round led by Lightspeed, bringing its valuation to $125 million. The funding will be used to expand operations and double the tech development team. Biotech-driven R&D startup Dharaksha Ecosolutions secured $3 million in a seed funding round led by Avaana Capital to expand production capabilities and strengthen its presence in the sustainable packaging industry. Mumbai-based game development studio GameEon Studios raised $1 million to develop new games for PC and consoles. Vermeil jewelry brand Trisu raised an undisclosed amount in its pre-seed funding round to enhance customer acquisition and drive product innovation.

Former PayU’s exec startup Zinc raises $25.5 Mn in seed funding

EntrackrEntrackr · 9m ago
Former PayU’s exec startup Zinc raises $25.5 Mn in seed funding
Medial

Zinc, an edu-wealth startup founded by former PayU Finance India CEO Prashanth Ranganathan, has raised $25.5 million in its seed round, led by Nexus Venture Partners with participation from Quona Capital, EDBI, Global Ventures, and Credit Saison. According to the company, the funds will be used to drive product innovation and expand offerings, focusing on global investment tools, AI-powered university counseling, and cross-border payment solutions to help families secure their children’s futures. Zinc aims to address the rising costs of overseas education by building a financial foundation tailored specifically for this purpose. Its proprietary AI-powered edu-counselor platform, Ada, provides comprehensive support and guidance to young Indian aspirants. The company offers global investment tools that enable parents to expand their savings into international markets, helping them build financial plans for their children’s education while mitigating currency fluctuation risks. Zinc has also secured RIA (Registered Investment Advisor) license approval from SEBI and in-principle approval for the PSP (Payment Service Provider) license. The company has applied for a brokerage license from the International Financial Services Centres Authority (IFSCA) in GIFT City. Ranganathan, previously the founder of Paysense, which was acquired by PayU in 2020, joins the ranks of several second or third time startup founders who raised more than $20 million in their seed rounds in 2024. According to startup data intelligence platform TheKredible, notable recent seed rounds include blockchain startup Avail ($27 million), Lyskraft, Mukesh Bansal’s new venture ($26 million), and generative AI startups EMA and Nesya, which raised $25 million and $20 million, respectively. Wealthtech startup Centricity and elder care startup Primus Senior Living also raised $20 million each, marking strong seed-stage funding activity.

Smallcase raises $50 Mn in Series D led by Elev8

EntrackrEntrackr · 5m ago
Smallcase raises $50 Mn in Series D led by Elev8
Medial

Smallcase raises $50 Mn in Series D led by Elev8 Wealthtech startup Smallcase has raised $50 million in its Series D round led by Elev8 Venture Partners, a $200 million growth-stage fund focused on high-potential Indian startups. The round also saw participation from State Street Global Advisors, Niveshaay AIF, Faering Capital, and Arkam Ventures. The capital will be used to expand Smallcase’s investment product offerings across asset classes and strengthen its relationships with retail investors and ecosystem partners, Smallcase said in a press release. The new round is coming after a gap of more than 3.5 years. Smallcase has raised around $120 million to date, including $40 million in a Series C round led by Faering Capital in August 2021. According to the startup data intelligence platform TheKredible, Peak XV is the largest external stakeholder, followed by Faering Capital and Blume Ventures. Launched in 2016, Smallcase offers a model portfolio platform that has served over 10 million investors. It also provides technology solutions to more than 250 financial institutions, including research firms, advisors, wealth managers, and brokerages. The platform recently expanded its offerings through a joint venture with Zerodha to launch an asset management company focused on index funds and ETFs. Smallcase's revenue from operations surged to Rs 67.4 crore in FY24 from Rs 30.6 crore in FY23. A drop in advertising and employee benefits enabled the company to reduce its losses by 74.4% to Rs 34 crore in the last fiscal year. According to TheKredible, Indian wealthtech startups such as Neo, Dezerv, Centricity, Stable Money, Fisdom, InvestorAi, and Wealthy have garnered nearly $250 million in funding across 15 deals in the past 18 months. Elev8 Venture Partners, backed by South Korea’s KB Investment, focuses on B2B SaaS, enterprise tech, consumer tech, and fintech. This is its third investment after supporting identity verification platform IDfy and astrotech platform Astrotalk.

Stable Money raises $20 Mn led by Fundamentum

EntrackrEntrackr · 2m ago
Stable Money raises $20 Mn led by Fundamentum
Medial

Bengaluru-based wealthtech platform Stable Money has raised $20 million (Rs 173 crore) in a funding round led by Fundamentum Partnership and participation from existing investors Z47, RTP Global, and Lightspeed. Aditya Birla Ventures also joined the round. The company had previously raised $20 million across Series A and Seed rounds. The proceeds will be used to expand its product suite, onboard new banking partners, and scale distribution. The company aims to add at least eight more banks and NBFCs in 2025. Founded in 2022 by Saurabh Jain and Harish Reddy, Stable Money enables users to invest in fixed-return products like fixed deposits (FDs), recurring deposits, secured credit cards, and bonds. It currently partners with eight banks and two NBFCs, including IndusInd Bank, South Indian Bank, Slice SFB, Ujjivan SFB, Unity SFB, and Suryoday SFB. The platform has over 150,000 users and more than Rs 3,000 crore in assets under management. For the fiscal year ended March 2024, it reported an operating income of Rs 35.3 lakh and a net loss of Rs 12.29 crore.

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