Wealthtech startup Centricity has secured $20 million in a seed funding round led by Lightspeed, with participation from Paramark VC and existing backers like the Burman Family Office, Shantanu Agarwal, and notable angel investors including Ritesh Agarwal, Vishal Dhupar, and the MS Dhoni Family Office. This marks a significant step forward for the Gurugram-based B2B2C platform, which previously raised $4 million in a pre-seed round in September 2022.

With the latest round of funding, Centricity’s valuation has soared to $125 million, a sharp rise from its earlier valuation of $20 million during its pre-seed stage—a more than six-fold increase. The startup plans to use the fresh capital to scale its two core platforms—Invictus and One Digital. This will include significant investments in technology and talent, expanding its private banking services, and considering strategic acquisitions to bolster its growth.

To support these initiatives, Centricity aims to double its technology development team, growing from 75 to over 150 members. The company will focus on building generative AI-driven modules and enhancing its offerings in insurtech and broking-tech platforms, further solidifying its position in the fast-evolving wealthtech landscape.

Founded in early 2022 by Manu Awasthy, Centricity provides innovative plug-and-play solutions aimed at facilitating the transition from employee to entrepreneur (E2E). Its platform enables financial advisors to seamlessly access and manage financial products, simplifying complex portfolio management for its users. The company employs a two-pronged approach, aiming to drive greater efficiencies for both independent financial product distributors (FPDs) and single-family offices (SFOs).

The wealthtech sector has seen a surge in venture capital investment over the past year. According to data from TheKredible, Indian wealthtech startups have collectively raised over $200 million across 12 deals since October 2023. Peak XV-backed Neo led the way with $48 million, while Mumbai-based Dezerv raised $32 million in its Series B round. Other notable players include Singapore-based Syfe, which secured $27 million and operates a tech hub in Gurugram, alongside startups like Stable Money, Fisdom, InvestorAi, Wealthy, Powder, Infynite Club, and Vijya Fintech, which have all attracted substantial funding in recent months.

With its latest capital infusion and ambitious growth plans, Centricity is well-positioned to further disrupt the wealthtech industry and enhance the financial advisory landscape in India.