[Funding Alert] Wealthtech Startup Centricity bags $4 Mn to help wealth managers

Startup Funding

Wealthtech platform Centricity has raised $4 million in a pre-seed funding round led by the Burman family office, LNJ Bhilwara Group’s Shantanu Agarwal and Polaris Software founder Arun Jain.

Other angel investors such as Devesh Sachdev of Fusion Microfinance, Rajesh Razdan of Devtron Labs, TBO co-founder Ankush Nijhawan, Purrshottam Bhaggeria of Filatex Group, Abhay Agarwal of Burman family office as well as Pravin Jain and Navin Jain of Family Office also participated in the round Supercircle.

The startup will use the funding to strengthen teams across products and sales. It will also use the investment to support its technology vertical and spend more on brand awareness.

Founded in 2022 by Manu Awasthy, Centricity is a rich technology startup offering plug-and-play solutions for IFA professionals looking to transition into wealth management.

So far, the startup has developed a comprehensive investment platform that offers a range of services, including a full-spectrum investment product marketplace, digital transaction capabilities, as well as extensive portfolio reporting and monitoring capabilities.

Centricity offers a private wealth management platform for its high-net-worth clients. It aims to build a complete open source financial services platform aimed mainly at IFAs, external asset managers and family offices to efficiently manage investment portfolios.

Arun Jain, Investor of Centricity, said, “The new-age banker-turned-IFA (independent financial advisor) is not only looking for access to investment products, but also a technology platform that helps it compete with large wealth management institutions. Such a platform helps IFAs automate client journeys such as onboarding, KYC, risk profiling, transactions, reporting and reviews, thereby reducing labour and infrastructure overheads. Lower costs translate into better-earning potential.”

Manu Awasthy, Founder & CEO of Centricity, said, “The plan for the next 24 months includes developing in-house asset management capabilities and a non-banking capital market finance company (NBFC). Our long-term vision is to establish Centricity as India’s largest B2B2C financial distribution brand with technology at the heart of the end-to-end business of financial products for wealth managers and end investors.”

The startup said in a statement that it plans to mount 1,000-1,500 IFAs with a cumulative transaction value of at least $1 billion in the next 24 months. The startup also plans to integrate life and non-life insurance products as well as mortgages into its rich tech platform.

India’s overarching technology-rich space has witnessed renewed investor interest in the past few months. Earlier last month, wealthy tech startup Liquide raised $2.2 million in a pre-funding round led by M Venture Partners. Earlier, another wealthy tech startup Dezerv raised $21 million in its Series A funding round led by Accel, with participation from Matrix Partners India and Elevation Capital.

In a bid to bolster its offering, wealth platform Scripbox also acquired Pune-based Wealth Managers for an undisclosed amount in August. Another fintech startup Credit Fair raised $10 million in a seed round last month to launch its rich technology platform Credit Fair Capital.

India’s tech-rich market was pegged at around $20 billion in FY20 and is projected to triple to nearly $63 billion by FY25.

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