Internet Wealthtech Centricity Secures $20 Mn to Develop GenAI Modules

Internet Wealthtech Startup Centricity Secures $20 Mn

Wealthtech startup Centricity has raised $20 Mn (around INR 166 Cr) in its seed funding round, led by Lightspeed, at a valuation of $125 Mn (around INR 1,049 Cr). This funding round saw participation from Paramark Ventures, along with various family offices and angel investors, including Burman family office, NB Ventures family office, and MS Dhoni family office.

Utilization of Funds for Technological Advancement

According to Centricity founder and CEO Manu Awasthy, the fresh proceeds will primarily be deployed to enhance the technology stack focused on developing GenAI modules. Additionally, the funds will support the growth team of private bankers and the B2B2C business development channel. The startup is also looking for strategic acquisitions on the technology front.

About Centricity

Founded in 2022, Centricity provides plug-and-play solutions for independent financial advisors (IFAs) transitioning into the wealth management sector. Aiming to build a comprehensive open source financial service platform, Centricity targets IFAs, external asset managers, and single-family offices for efficient investment portfolio management.

“End investors in wealth management are tech starved and crave for simple, sincere solutions,” Awasthy stated. The startup aims to double its tech development team from 75 to over 150 specialists, focusing on GenAI-driven modules.

Recent Growth and Market Interest

Centricity previously raised $4 Mn in its pre-seed funding round in 2022 and reported revenues of INR 13.5 Cr with a net loss of INR 1.3 Cr in FY23. Interest in the Indian wealthtech sector is on the rise, highlighted by the recent funding rounds of other startups like Infinyte.Club and Stable Money.