WealthTech Startup Centricity Raises $20 Mn in Seed Round Led by Lightspeed

• Paramark VC together with present traders like Burman Household Workplace, Shantanu Agarwal and outstanding angel traders like Ritesh Agarwal, Vishal Dhupar and many others together with MS Dhoni household workplace additionally participated within the funding spherical
• The contemporary capital will likely be utilised to scale Centricity’s two platforms – Invictus and One Digital with know-how and expertise, develop non-public banking providers, and pursue strategic acquisitions

Centricity, India’s quickest rising tech-first wealth administration firm, has efficiently raised USD 20 million in a seed funding spherical to advance its mission of revolutionising wealth administration by way of its technology-based platform. This funding was led by Lightspeed with returning traders Burman Household Workplace, Shantanu Agarwal amongst others. The spherical additionally noticed investments from Paramark VC, a distinguished Korean enterprise capital fund and a gaggle of famend Household Places of work and angel traders, together with MS Dhoni household workplace, Aakash Chaudhry (Ex Aakash Institute), NB Ventures household workplace, Ritesh Agarwal (OYO), Vishal Dhupar (MD Nvidia) MMG group household workplace and Motion Tesa household workplace amongst others.

With a imaginative and prescient to construct India’s largest monetary distribution franchise and a best-in-class boutique non-public banking observe, Centricity plans to utilise the contemporary capital to develop its operations. The corporate plans to double its tech improvement crew from 75 to over 150 specialists, specializing in improvements like generative AI led modules, insure-tech, and broking-tech platforms. By way of a “phygital” method, Centricity goals to empower monetary advisors to simply entry and transact in monetary merchandise whereas simplifying the understanding of monetary portfolios.

On the profitable fundraise, Manu Awasthy, Founder & CEO of Centricity, mentioned, “Our tech product and enterprise development are testimony of an impeccable crew, immaculately executing a coherent concept. Finish traders in wealth administration are tech starved and crave for easy, honest options. And Centricity is fixing this downside by way of its tech first thoughts set and sensible tech functions. Our scale has been greater and quicker than any wealth administration firm in India inside 15 months of beginning the operations”.

“Centricity’s imaginative and prescient of redefining wealth administration with its one-of-a-kind resolution is important for India’s quickly evolving monetary panorama. The corporate’s dedication to empowering impartial monetary advisors and former non-public wealth professionals with a complicated, but user-friendly platform units a brand new benchmark within the trade. By providing democratised accessibility to all monetary merchandise for traders and a dedication to addressing the largely underserved Indian wealth market, the platform holds rather a lot for promise. Now we have sturdy perception in Centricity’s modern method and its potential to disrupt the wealth administration panorama,” mentioned Shuvi Shrivastava, Companion & Advisor, Lightspeed.

Saket Burman from Burman Household Workplace mentioned, “We backed Centricity’s founding crew within the pre-seed spherical, recognising their potential to remodel how UHNWIs and SFOs in India handle their wealth. Whereas others nonetheless depend on primary instruments, Centricity is providing a cutting-edge resolution. The crew’s outstanding progress and confirmed execution reaffirm our perception that they will change into a pacesetter on this difficult market.”

MS Dhoni Household Workplace mentioned, “Centricity’s OneDigital is on a mission to democratize wealth administration for a billion Indians and increase monetary product distribution, particularly in tier 2/tier 3 cities and cities. Investing in Centricity will likely be step in the direction of partnering on this journey.”