Wealthtech Startup Centricity Raises $20 Million in Seed Funding
Gurugram, India – Centricity, a B2B2C wealthtech startup, has secured $20 million in a seed funding round led by Lightspeed with participation from Paramark VC, Burman Family Office, Shantanu Agarwal, and several angel investors including Ritesh Agarwal, Vishal Dhupar, and the MS Dhoni Family Office.
This fresh capital has been raised at a valuation of $125 million, representing a sixfold increase from the $20 million valuation seen in the pre-seed funding round in September 2022. This significant boost in valuation underscores the growing interest in the wealthtech sector, which has seen substantial investments over the past year.
Centricity plans to utilize the fresh capital to enhance its two platforms – Invictus and One Digital – by investing in technology and talent. The company aims to double its tech development team from 75 to over 150 members, focusing on developing AI-driven modules, insurtech, and broking-tech platforms. Additionally, Centricity plans to expand its private banking services and pursue strategic acquisitions.
Founded by Manu Awasthy in early 2022, Centricity offers plug-and-play solutions for transitions from employee to entrepreneur (E2E). The platform provides financial advisors with easy access to and transactions in various financial products, simplifying the understanding of financial portfolios.
Wealthtech is witnessing rapid growth, with venture capitalists investing heavily in the sector over the past year. Data intelligence platform TheKredible notes that wealthtech startups in India have raised over $200 million across 12 deals since October last year.
The recent trend of significant investments in the wealthtech sector is expected to continue, making this an exciting space to watch in the coming months.
