Centricity Raises $20 Mn In Seed Round Led By Lightspeed

Centricity, a wealth management company,  raised USD 20 million in a seed funding round to advance its mission of revolutionising wealth management through its technology-based platform. 

Lightspeed led this investment with returning investors Burman Family Office, and Shantanu Agarwal.  The round also saw investments from Paramark VC, a distinguished Korean venture capital fund, and a group of renowned 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 among others.

Manu Awasthy, Founder & CEO, Centricity, said, “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”

With a vision to build India’s largest financial distribution franchise and a best-in-class boutique private banking practice, Centricity plans to utilise the fresh capital to expand its operations, as per the press release. The company plans to double its tech development team from 75 to over 150 specialists, focusing on innovations like generative AI-led modules, insure-tech, and broking-tech platforms. Through a “phygital” approach, Centricity aims to empower financial advisors to easily access and transact in financial products while simplifying the understanding of financial portfolios.

“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. We have strong belief in Centricity’s innovative approach and its potential to disrupt the wealth management landscape,” said Shuvi Shrivastava, Partner & Advisor, Lightspeed.