- Paramark VC along with existing investors like Burman Family Office, Shantanu Agarwal and prominent angel investors like Ritesh Agarwal, Vishal Dhupar etc along with MS Dhoni family office also participated in the funding round
- The fresh capital will be utilised to scale Centricity’s two platforms – Invictus and One Digital with technology and talent, expand private banking services, and pursue strategic acquisitions
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. 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.
On the successful fundraise, Manu Awasthy, Founder & CEO of 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”.
“Centricity's vision of redefining wealth management with its one-of-a-kind solution is essential for India's rapidly evolving financial landscape. 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.
Saket Burman from Burman Family Office said, “We backed Centricity's founding team in the pre-seed round, recognising their potential to transform how UHNWIs and SFOs in India manage their wealth. While others still rely on basic tools, Centricity is offering a cutting-edge solution. The team's remarkable progress and proven execution reaffirm our belief that they can become a leader in this challenging market.”
MS Dhoni Family Office said, “Centricity's OneDigital is on a mission to democratize wealth management for a billion Indians and boost financial product distribution, especially in tier 2/tier 3 towns and cities. Investing in Centricity will be step towards partnering in this journey."
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Centricity, a pioneering wealth technology startup based in Gurugram, is poised to revolutionize the wealth management landscape, straddling both the affluent/HNI as well as the ultra-high net worth/Single family office segments. Leveraging cutting-edge proprietary technology platforms and diverse product solutions, Centricity has a clear two-pronged strategy to significantly enhance efficiencies for Independent Financial Product Distributors (FPDs) and Single-Family Offices (SFOs).
Centricity was founded in January 2022 by former senior private bankers with extensive experience at leading financial institutions such as Citibank, Kotak, HDFC, and 360one.
Previously, the company secured $4 million in funding at a $20 million valuation from prominent family offices and angel investors, including the Burman family office, Shantanu Agarwal of BMD Renewal, Arun Jain of Intellect Design Arena, Ankush Nijhawan of TBO Tek, and Devesh Sachdev of Fusion Microfinance.
Lightspeed is a global multi-stage venture capital firm focused on accelerating disruptive innovations and trends in the Enterprise, Consumer, Health, and Fintech sectors. Over the past two decades, the Lightspeed team has backed hundreds of entrepreneurs and helped build more than 500 companies globally including Affirm, Acceldata, Carta, Cato Networks, Darwinbox Epic Games, Faire, Innovaccer, Guardant Health, Mulesoft, Navan, Netskope, Nutanix, Rubrik, Sharechat, Snap, OYO Ultima Genomics and more. Lightspeed and its global team currently manage $25B in AUM across the Lightspeed platform, with investment professionals and advisors in the U.S., Europe, India, Israel, and Southeast Asia. www.lsip.com
Centricity was founded in January 2022 by former senior private bankers with extensive experience at leading financial institutions such as Citibank, Kotak, HDFC, and 360one.
Previously, the company secured $4 million in funding at a $20 million valuation from prominent family offices and angel investors, including the Burman family office, Shantanu Agarwal of BMD Renewal, Arun Jain of Intellect Design Arena, Ankush Nijhawan of TBO Tek, and Devesh Sachdev of Fusion Microfinance.
Lightspeed is a global multi-stage venture capital firm focused on accelerating disruptive innovations and trends in the Enterprise, Consumer, Health, and Fintech sectors. Over the past two decades, the Lightspeed team has backed hundreds of entrepreneurs and helped build more than 500 companies globally including Affirm, Acceldata, Carta, Cato Networks, Darwinbox Epic Games, Faire, Innovaccer, Guardant Health, Mulesoft, Navan, Netskope, Nutanix, Rubrik, Sharechat, Snap, OYO Ultima Genomics and more. Lightspeed and its global team currently manage $25B in AUM across the Lightspeed platform, with investment professionals and advisors in the U.S., Europe, India, Israel, and Southeast Asia. www.lsip.com
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