Wealthtech startup Centricity secured $20 million in a seed round led by Lightspeed, with participation from MS Dhoni Family Office, to enhance financial product distribution through generative AI, raising its valuation to $125 million.
The round saw participation from notable investors like Burman Family Office, Shantanu Agarwal, Paramark VC, and MS Dhoni Family Office. This new investment propels Centricity’s valuation to $125 million, a significant jump from its $20 million pre-seed valuation in 2022.
The funds will help Centricity scale its platforms, Invictus and OneDigital, as it expands its private banking services and focuses on acquiring new talent. The company aims to double its tech development team, from 75 to 150 specialists, to further innovations like generative AI-led modules, insure-tech, and broking-tech platforms.
“Our scale has been bigger and faster than any wealth management company in India within 15 months of starting operations,” said Manu Awasthy, founder and CEO of Centricity.
Centricity Expanding Operations and Financial Access
Founded in 2022 by Manu Awasthy, Centricity aims to empower financial advisors and clients across tier-II and tier-III cities through a “phygital” (physical and digital) approach. Its platforms simplify transactions for independent financial product distributors (FPDs) and single-family offices (SFOs).
Centricity plans to bridge the gap in wealth management and financial product access in underserved markets through this hybrid strategy. MS Dhoni Family Office praised Centricity’s OneDigital platform, stating it can potentially revolutionize financial product distribution for a billion Indians.
Saket Burman from Burman Family Office added, “While others still rely on basic tools, Centricity offers a cutting-edge solution.”
Wealthtech Sector on the Rise
Centricity’s success comes amid a wealth tech boom in India. Wealthtech startups in India have secured over $200 million in funding across 12 deals since October 2023. Notable players include Peak XV-backed Neo, Dezerv, and Syfe, each raising substantial funds. Centricity’s rapid growth underscores the sector’s potential for disruption and expansion, particularly in underserved markets.
With the new capital, Centricity plans to pursue strategic acquisitions and further invest in technology. Centricity is poised to enhance financial access and streamline wealth management services across India by integrating cutting-edge tools like AI and digital broking platforms.
Shuvi Shrivastava, partner and advisor at Lightspeed, said that by offering democratized access to all financial products for investors and addressing the largely underserved Indian wealth market, the platform holds significant promise.
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