Centricity Secures $20 Million in Insurtech Funding Led by Lightspeed India Partners

Centricity Bolsters Its Insurtech Strategy

Centricity, a Gurugram-based wealthtech startup, has secured $20 million in a seed funding round led by Lightspeed India Partners, with participation from notable investors including the Burman Family Office and Shantanu Agarwal. This round positions Centricity at a valuation of $125 million as confirmed by co-founder and CEO Manu Awasthy.

Investors and Future Plans

This funding round attracted significant investment, including contributions from Paramark VC and various family offices and angel investors such as MS Dhoni Family Office, Oyo's Ritesh Agarwal, and others. Centricity plans to utilize the funds to enhance its platforms, Invictus and One Digital, with a focus on expanding its technology and talent pool to provide superior private banking services.

Catering to The Ultra-Wealthy

• Centricity aims to serve the top 70% of India's wealth through innovative B2B2C models.
• The company is keen on building a comprehensive financial distribution network across India, currently reaching 27 cities with plans to grow significantly within 18 months.

Founded in 2022 by a visionary team of former private bankers including Awasthy, Gaurav Tiwari, and others, Centricity offers a unique financial services platform tailored for independent advisors and family offices to manage investment portfolios effectively.

Plans for Technical Advancements

With over 4,500 financial distributors onboard and managing assets worth over Rs 4,500 crore, the startup is also set to expand its tech team to over 150 specialists focusing on cutting-edge technologies like generative AI, insurtech, and broking-tech platforms.

Centricity’s approach is pivotal as it strives for operational profitability while redefining wealth management in India’s evolving financial landscape.