[Funding Alert] Wealthtech Startup Centricity Pockets $4 Million to Help Wealth Managers
Wealthtech platform Centricity has raised $4 million in a pre-seed funding round led by Burman family office, LNJ Bhilwara Group’s Shantanu Agarwal and Polaris Software founder Arun Jain.
Other angel investors such as Devesh Sachdev from Fusion Microfinance, Rajesh Razdan from Devtron Labs, TBO co-founder Ankush Nijhawan, Purrshottam Bhaggeria from Filatex Group, Abhay Agarwal from Burman family office as well as Pravin Jain and Navin Jain from 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 wealthy tech 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 reporting capabilities. and portfolio monitoring.
Centricity offers a private wealth management platform for its wealthy clients. It aims to build a complete open-source financial services platform aimed primarily at IFAs, external asset managers and family offices to efficiently manage investment portfolios.
Arun Jain, Centricity investor, said: “The new era banker turned IFA (independent financial adviser) is not only looking for access to investment products, but also a technology platform that helps him compete with large management institutions. of heritage. Such a platform helps IFAs automate customer journeys such as onboarding, KYC, risk profiling, transactions, reporting, and reviews, thereby reducing labor and expense overhead. ‘infrastructure. Lower costs translate to better earning potential.
Manu Awasthy, Founder and CEO of Centricity, said: “The plan for the next 24 months includes the development of in-house asset management capabilities and a non-bank capital market finance (NBFC) company. Our long-term vision is to establish Centricity as the leading B2B2C financial distribution brand in India 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 raise 1,000 to 1,500 IFAs with a cumulative transaction value of at least $1 billion over the next 24 months. The startup also plans to integrate life and non-life insurance products as well as mortgages into its rich technology platform.
India’s global tech space has attracted renewed interest from investors over 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 Accel-led Series A funding round, with participation from Matrix Partners India and Elevation Capital.
In a bid to bolster its offering, wealth management platform Scripbox also acquired Pune-based wealth managers for an undisclosed amount in August. Another fintech startup, Credit Fair, raised $10 million in a funding 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 expected to triple to nearly $63 billion by FY25.