$20 million was raised by wealthtech startup Centricity in a seed funding round headed by Lightspeed. In the round, Paramark VC was joined by returning investors like the MS Dhoni Family Office, Ritesh Agarwal, and Vishal Dhupar, as well as angel investors Burman Family Office and Shantanu Agarwal.
In September 2022, the Gurugram-based B2B2C platform raised $4 million during its pre-seed round. Centricity claims that the new funding was raised at a $125 million valuation. The valuation has increased by more than six times from $20 million in the pre-seed funding.
According to the company, the additional funds will be used to expand private banking services, make strategic acquisitions, and invest in technology and talent in order to grow Centricity’s two platforms, One Digital and Invictus.
With an emphasis on generative AI-driven modules, insurtech, and broking-tech platforms, the company intends to double its tech development team from 75 to over 150 members.
Centricity is a plug-and-play company that was founded in early 2022 by Manu Awasthy to facilitate the transition from employee to entrepreneur (E2E). The platform makes financial advisors’ access to and transactions in financial products easier while also making financial portfolio understanding simpler.
Centricity announced that it will greatly increase efficiencies for independent financial product distributors (FPDs) and single-family offices (SFOs) through a two-pronged approach.
Because venture capitalists have made significant investments in wealthtech over the last 12 months, the industry is growing quickly. Media reports state that since October of last year, wealthtech startups in India have raised over $200 million in 12 different deals.
Neo, supported by Peak XV, leads with $48 million. Mumbai-based Dezerv raised $32 million in Series B funding last month, while Singapore-based Syfe—which has its headquarters in Gurugram—raised $27 million. A few other well-known fundraisers are InvestorAi, Powder, Infynite Club, Vijya Fintech, Fisdom, Wealthy, and Stable Money.
