Centricity, the wealthtech start-up has bagged $ 20 million in its seed funding round led by Lightspeed, which will take the company's valuation to $125 million.
As per the report by Inc42, the fresh proceeds from the funding would be used to scale up the company's technology stack as it is building GenAI modules, enhance its growth team which includes private bankers and B2B2C BD channels, and finally for strategic acquisitions in the technological front.
The start-up in a statement reportedly said that it is looking to double its tech development team to 150 specialists from 75 currently, with a focus on on GenAI-driven modules, insurtech, and brokingtech platforms.
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The seed funding round reportedly saw the participation of Paramark Ventures, along with family offices and angel investors such as Burman family office, NB Ventures Family office, MS Dhoni family office, MMG Group family office, Action Tesla family office, Aakash Chaudhry (former executive at Aakash Institute), Ritesh Agarwal (OYO’s founder and CEO) and Vishal Dhupar (NVIDIA Asia South’s managing director), among others.
The development comes at a time when many investors are looking to invest in the Indian wealthtech space.
Before this, the company had raised $4 million in its pre-seed funding round in 2022.
Centricity was founded in 2022 by Manu Awasthy. The company offers plug-and-play solutions for independent financial advisors (IFA) who want to shift into the wealth management space. Its objective is to build a full-stack open-source financial service platform largely targeted at IFAs, external asset managers and single-family offices to manage investment portfolios efficiently.
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Manu Awasthy reportedly said that the end investors in wealth management are deprived of technology and crave sincere and simple solutions. He said that centricity is solving this problem through its tech-based focus and practical tech applications.
He reportedly claimed that the company's scale has been bigger and faster than any wealth management company in India within 15 months of starting the operations.
Centricity achieved a revenue of Rs 13.5 crore and a net loss of Rs 1.3 crore in FY23. It is yet its financial results for FY24.
