Centricity Raises USD 20 Million in Seed Funding Led by Lightspeed

Digital wealth management platform Centricity has secured USD 20 million in seed funding, valuing the firm at USD 125 million. The funds will be used to double the company's tech team and advance innovations in AI, insure-tech, and broking-tech.

Digital wealth management platform Centricity has successfully raised USD 20 million (approximately Rs 168 crore) in a seed funding round, valuing the company at USD 125 million.

The funding round was led by Lightspeed and saw significant participation from notable investors, including Korean venture capital fund Paramark VC, OYO founder Ritesh Agarwal, NVIDIA MD Vishal Dhupar, and family offices of MS Dhoni, NB Ventures, MMG group, and Action Tesa.

According to an official statement, Centricity plans to use the new capital to expand its operations, specifically aiming to double its tech development team from 75 to over 150 specialists. The company will focus on innovations such as generative AI-led modules, insure-tech, and broking-tech platforms.

Centricity, founded in January 2022 and based in Gurugram, had initially raised USD 4 million at a USD 20 million valuation in September 2022.

Commenting on the rapid growth, Centricity founder and CEO Manu Awasthy stated, ''End investors in wealth management are tech-starved and crave for simple, sincere solutions. Centricity is addressing this need through its tech-first mindset and practical tech applications. Our scale has been bigger and faster than any wealth management company in India within 15 months of starting operations.''

(With inputs from agencies.)