Wealth management platform Centricity raises $20 mn in seed round led by Lightspeed

Centricity’s business model revolves around two channels. The B2C arm, branded as Invictus, caters to ultra-high-net-worth individuals (HNIs) with portfolios above Rs 100 crore ($12 million). The B2B2C arm, branded One Digital, empowers financial intermediaries in tier 2, 3, and 4 cities to serve their clients using Centricity’s tech platform.

It provides access to an array of financial products from various Asset Management Companies (AMCs), along with digital/paperless onboarding, transactions, reporting tools, and training for partner Financial Product Distributors (FPDs).

"We serve a market that is severely underserved, and One Digital allows us to reach clients we could never target directly," Awasthy noted.

In just one year of operations, 2,400 financial distributors were onboarded, transacting over Rs 8,000 crore across investment products. "We have now expanded to 4,500 distributors in five months, doubling our AUM in that period,” Awasthy said, pointing to robust demand from tier 2 and 3 cities for alternative investment products like AIFs and PMS.

By doubling their tech team and enhancing product training for distributors, the company plans to accelerate its presence, particularly outside major metros. The team has grown from 20 to 27 branches across 14 states in less than a year and aims to further expand.

With 80 percent of Centricity's focus on tech and training, Awasthy emphasised the importance of educating financial product distributors (FPDs). “We spend 40 percent of our time on training and another 40 percent on tech. The rest is on sales. The real value lies in ensuring FPDs understand the products and how to position them in portfolios,” he said.

The road ahead

The company plans to double its technology team from 75 to 150–175 people. It is also expanding its sales team across 100-125 cities. “We need 200-250 business development people,” Manu said, noting the firm’s ambitious expansion goals. The growth strategy includes hiring 40-50 private bankers, with a focus on those who understand and are adept with technology.

The firm plans to enter the insurance broking space and develop an offering for non-resident Indians (NRIs) who, the founder believes, are "the worst served" group in terms of investment products. "We are starting a high-quality DIY platform for NRIs because there is currently no good solution for them when it comes to investing in India," Awasthy explained.

"We achieved break-even in February 2024, within just 11 months of operations. With this fresh capital, we expect to be stably profitable by FY27,” he noted.

Wealthtech on the rise 

India’s wealth management market touched $429.1 billion in 2023 and is projected to record a CAGR of 4.56 percent during 2025–29, market research firm TechSci Research estimates.

Many new-age wealth tech startups are challenging the traditional financial advisors to offer bespoke services for HNIs and capture India’s rising affluent class, with investors shelling out big-size cheques. Recently, wealth management platform Dezerv raised Rs 265 crore in a funding round led by Premji Invest while Peak XV Partners-backed wealthtech firm Neo closed Rs 400 crore round led by MUFG, Euclidean Capital.

A wealth manager for HNIs, 360 One WAM, entered into a definitive agreement to acquire ET Money to strengthen its client coverage. The fundraising activity is coupled with rising merger and acquisitions M&As. Earlier this year, Kunal Sha-backed CRED acquired mutual fund investment platform Kuvera.

"Centricity's innovative approach to wealth management is crucial for India's evolving financial landscape. By empowering advisors with a sophisticated yet user-friendly platform and democratising access to financial products, it sets a new industry benchmark and addresses the underserved market," said Shuvi Shrivastava, partner and advisor at Lightspeed.