The startup Centricity, an organization centered on technology-driven wealth administration, has secured a seed funding spherical of USD 20 million. Main the funding is Lightspeed, together with the participation of returning traders Burman Household Workplace and Shantanu Agarwal.
The funding spherical additionally attracted involvement from Primark VC, a enterprise capital fund based mostly in Korea, and a bunch of well-known household places of work and angel traders, together with MS Dhoni Household Workplace, Aakash Chaudhry (former Aakash Institute), NB Ventures Household Workplace, Ritesh Agarwal (OYO), Vishal Dhupar (managing director, Nvidia), MMG Group Household Workplace, and Motion Tesa Household Workplace, amongst others. With this funding, the corporate’s valuation has reached USD 125 million.
MS Dhoni Household Workplace expressed that Centricity’s OneDigital platform is dedicated to wealth administration for a billion Indians and increasing monetary product distribution, significantly in tier-II and tier-III cities and cities.
Centricity intends to make use of the brand new capital to increase its operations. It plans to double its tech improvement crew from 75 to over 150 specialists, specializing in improvements resembling generative AI-led modules, insure-tech, and broking-tech platforms.
Via a “phygital” strategy, Centricity goals to allow monetary advisors to simply entry and transact monetary merchandise whereas simplifying the understanding of monetary portfolios. Centricity’s founder and CEO, Manu Awasthy, talked about that inside 15 months of beginning operations, the startup’s scale had been bigger and quicker than that of some other wealth administration firm in India.
Shuvi Shrivastava, companion and advisor at Lightspeed, said that the platform reveals vital promise by offering traders with democratised entry to all monetary merchandise and addressing the largely underserved Indian wealth market.
Saket Burman from Burman Household Workplace added that whereas others nonetheless depend on fundamental instruments, Centricity gives a cutting-edge resolution.
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