Wealth management platform Centricity on Thursday announced that it has raised $20 million in its seed funding round led by venture capital firm Lightspeed.
Returning investors Burman Family Office and Shantanu Agarwal also contributed to the round besides Paramark VC, a Korean venture capital fund; and a group of family offices and angel investors, including MS Dhoni family office, Aakash Chaudhry (Ex Aakash Institute), NB Ventures family office, Ritesh Agarwal (OYO), Vishal Dhupar (MD Nvidia) MMG group family office and Action Tesa family office, among others.
Gurugram-based Centricity has attained a valuation of $125 million with the latest investment, it said in a statement.
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, the statement added.
As part of its expansion plans, the company plans to double its tech development team from 75 to over 150 specialists, focusing on technology like generative AI led modules, insuretech, and broking tech platforms.
“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,” said Manu Awasthy, founder & CEO of Centricity.
Centricity was founded in January 2022 by former senior private bankers with experience at financial institutions such as Citibank, Kotak, HDFC, and 360one.
Previously, the company had secured $4 million in funding at a $20-million valuation from 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.
