Wealthtech startup Centricity raises $20m to scale operations

• Aims to enhance the accessibility and efficiency of wealth management services through technology and a user-centric approach.

Centricity, a burgeoning digital wealth management platform in India, has successfully raised $20 million in a seed funding round, thereby achieving a valuation of $125 million.

The funding round, spearheaded by Lightspeed, attracted notable participants including Korean venture capital fund Paramark VC, Ritesh Agarwal, founder of OYO, NVIDIA’s Managing Director Vishal Dhupar, and various family offices, including those associated with cricket icon MS Dhoni.

The diverse investor base underscores the growing recognition of Centricity as a significant player in the financial technology landscape.

Founded in January 2022 and operating from Gurugram, Centricity has shown remarkable growth, previously securing $4 million at a valuation of $20 million just a year ago.

The company’s rapid ascent reflects its commitment to addressing the evolving needs of wealth management.

 According to the company’s statement, the newly acquired capital will be allocated towards scaling its operations significantly, with a focus on doubling its technical development team from 75 to over 150 specialists.

The expansion aims to foster innovation in areas such as generative artificial intelligence, insure-tech, and broking-tech platforms.

Manu Awasthy, the founder and CEO of Centricity, articulated the underlying market motivation for the platform. He noted that “end investors in wealth management are tech-starved and crave for simple, sincere solutions.”

Centricity’s approach, characterised by a tech-first mindset, seeks to fill this gap by offering practical technological applications that are responsive to investor demands. Within a mere 15 months of its inception, Centricity has already established itself as an agile and responsive player, outpacing traditional wealth management companies in India.