Centricity, a rapidly growing tech-driven wealth management company based in Gurugram, has successfully raised $20 million in a seed funding round.
The round, which values the company at $125m, was led by Lightspeed, with participation from returning investors like Burman Family Office and Shantanu Agarwal, among others. Notable new investors include Paramark VC from Korea and a variety of high-profile family offices and angel investors such as MS Dhoni’s family office, Aakash Chaudhry, NB Ventures, Ritesh Agarwal, Vishal Dhupar, MMG Group, and Action Tesa.
Founded in January 2022, Centricity previously raised $4m at a $20m valuation from prominent investors.
Centricity Plans for Expansion
Centricity intends to use the new capital to accelerate its growth and expand its operations. The company aims to double its technology development team from 75 to over 150 specialists. The focus will be on developing advanced solutions like generative AI modules, insure-tech, and broking-tech platforms. Centricity’s approach integrates physical and digital (phygital) solutions, allowing financial advisors to more effectively manage and understand financial products.
Manu Awasthy, founder & CEO of Centricity, commented on the successful funding round, “Our tech product and business growth are testimony of an impeccable team, immaculately executing a coherent idea. End investors in wealth management are tech starved and crave for simple, sincere solutions. And Centricity is solving this problem through its tech first mind set and practical tech applications. Our scale has been bigger and faster than any wealth management company in India within 15 months of starting the operations.”
Shuvi Shrivastava, partner & advisor at Lightspeed, expressed enthusiasm about Centricity’s potential, stating, “Centricity’s innovative approach is crucial for India’s evolving financial landscape.”
The MS Dhoni Family Office highlighted the company’s mission, saying, “Centricity’s OneDigital is on a mission to democratize wealth management for a billion Indians and boost financial product distribution, especially in tier 2/tier 3 towns and cities. Investing in Centricity will be step towards partnering in this journey.”
