Wealthtech startup Centricity secures $20 million to develop advanced tech solutions

In a major development for the Indian wealthtech industry, Gurugram-based Centricity has raised $20 million in seed funding to scale up its technology offering. Led by marquee Silicon Valley investor Lightspeed Venture Partners, the round also saw participation from other reputed names.

Founded in 2022 by serial entrepreneur Manu Awasthy, Centricity aims to provide independent financial advisors and family offices with user-friendly platforms to efficiently manage clients’ investment portfolios. The startup will utilize the fresh capital to enhance its tech team and build new modules powered by cutting-edge artificial intelligence.

Speaking to this reporter, Awasthy revealed Centricity’s vision is to address the unmet needs of wealth management customers through innovative products. “Our clients want simplified solutions delivered in a transparent manner. This funding enables us to further strengthen our technology capabilities across areas like financial planning and automated investing,” he said.

In just over a year of operations, Centricity has already onboarded a sizeable client base and reported double-digit revenue growth. The company now plans to double its engineering workforce while also evaluating potential acquisitions.

The deal signals the rising interest of global investors in an industry that is witnessing rapid digitization in India. With growing wealth and financial awareness, startups providing specialized advisory through technology stand to gain enormously. Centricity is well-positioned to drive this economic transformation and empower countless individuals.