Wealth management startup Centricity has raised $20 million in a seed funding round led by Lightspeed with returning investors Burman Family Office, Shantanu Agarwal amongst others, the company announced on Thursday. The latest round was raised at a valuation of $125 million, up from $20 million in the previous round in September 2022.
Korean VC fund Paramark VC along with a group of family offices and angel investors including MS Dhoni family office, Aakash Chaudhry (Ex Aakash Institute), NB Ventures family office, Ritesh Agarwal (OYO), Vishal Dhupar (MD Nvidia) MMG group family office and Action Tesa family office, etc., also participated in the round.
Founded in January 2022 by former senior private bankers at financial institutions including Citibank, Kotak, HDFC, and 360one, Centricity provides technology-enabled platform for investment professionals to manage their client portfolios better. It also enables single family offices and corporate treasuries to use its platform on a DIY basis to manage their investment portfolios.
Speaking on the latest capital infusion, Manu Awasthy, Founder & CEO of Centricity, said the end investors in wealth management are tech starved and crave for simple, sincere solutions which Centricity is catering to.
The company said it would deploy capital to scale its two platforms – Invictus and One Digital with technology and talent for expanding private banking services and pursuing strategic acquisitions.
“The company’s commitment to empowering independent financial advisors and former private wealth professionals with a sophisticated, yet user-friendly platform sets a new benchmark in the industry. By offering democratised accessibility to all financial products for investors and a commitment to addressing the largely underserved Indian wealth market, the platform holds a lot for promise,” said Shuvi Shrivastava, Partner & Advisor, Lightspeed.
Centricity had earlier raised $4 million in September 2022 from the Burman family office, Shantanu Agarwal of BMD Renewal, Arun Jain of Intellect Design Arena, Ankush Nijhawan of TBO Tek, and Devesh Sachdev of Fusion Microfinance.