Wealthtech startup Centricity has secured $20 million in seed funding, with Lightspeed leading the round and notable contributions from Paramark VC and key investors like Burman Family Office, Shantanu Agarwal, and prominent angel investors, including Ritesh Agarwal, Vishal Dhupar, and the MS Dhoni Family Office.
The Gurugram-based B2B2C platform had previously raised $4 million in its pre-seed round in September 2022. With this new investment, Centricity’s valuation has surged to $125 million, a substantial leap from its initial $20 million valuation during the pre-seed round.
Centricity plans to utilize the new funds to scale its core platforms—Invictus and OneDigital—by enhancing its technological capabilities, expanding its private banking services, and increasing its workforce. The company intends to double its tech team from 75 to over 150 members, focusing on areas such as generative AI, insurtech, and broking-tech solutions. Additionally, the startup aims to pursue strategic acquisitions.
Founded by Manu Awasthy in early 2022, Centricity offers plug-and-play solutions designed to ease the transition from employee to entrepreneur (E2E). The platform supports financial advisors by providing easy access to and management of financial products while simplifying portfolio management. Its dual approach focuses on improving efficiency for independent financial product distributors (FPDs) and single-family offices (SFOs).
The wealthtech industry has seen a surge in venture capital funding over the past year. According to data from TheKredible, Indian wealthtech startups have collectively raised over $200 million across 12 deals since October 2023.
Leading the funding wave is Peak XV-backed Neo, which secured $48 million, followed by Mumbai-based Dezerv with $32 million in its Series B round. Singapore’s Syfe, which operates a tech hub in Gurugram, raised $27 million last month. Other key players in the sector include Stable Money, Fisdom, InvestorAi, Wealthy, Powder, Infynite Club, and Vijya Fintech.
