Centricity, the Gurugram-based wealth tech start-up, is set to raise $15 million in a funding round led by Lightspeed Ventures. This will take the company’s valuation to $100 million as per a report by Mint.
Gurugram-based wealth tech start-up Centricity (start like this)
Reportedly, the funding would see participation from new investors alongside the existing ones, and the deal is expected to be closed in the coming weeks with the company receiving a few term sheets- Dont start with reportedly
The company will use the funds to expand its technological operations, investment, and sales functions.
This funding would see the company’s valuation increase substantially to its previous valuation of $20 million, when it raised $4 million in its seed funding round led by Burman Family Holdings and other angel investors including Shantanu Agarwal (LNJ Bhilwara group) and Arun Jain (Intellect design/Founder-Polaris software labs).
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In FY 23, the company reported a total revenue of Rs.13.5 crore and a net loss of Rs 1.3 crore, as per data sourced by Tracxn.
It is reportedly yet to file its FY24 financial results.
Founded in January 2022, Centricity helps empower finance and investment professionals aspiring to establish their independent practices. The platform aims to deliver a comprehensive SAAS based investment management platform including digital transactional capabilities for a diversified product suite.
Centricity has expanded its network to over 2000 Financial Product Distributors (FPDs) partners across 12 states and 18 cities, with nearly 5000 clients onboarded.
The company aims to additionally onboard 5500 FPDs and 20,000 clients by March 2025.
