Wealth management community platform Centricity has secured $4 million (around Rs 32 crore) as a part of its pre-seed funding round led by Burman family office, Shantanu Agarwal (LNJ Bhilwara Group) and Arun Jain (Intellect Design Arena/founder-Polaris Software Labs).
With this fundraise, the company’s valuation now stands at $20 million, it said in a statement.
Founded by former senior private bankers this year, Centricity as a platform aims to build tech solutions for the unorganized independent financial adviser (IFA) community and former private wealth professionals who wish to be wealth management solopreneurs, it said in a statement. The firm plans to onboard 1,000-1,500 IFAs in the next two years with a combined transaction value of at least $1 billion.
Centricity plans to use the fresh funds to strengthen its teams across technology, investment product and sales functions.
“Centricity endeavours to build a full stack open-source financial services platform for IFAs, external asset managers and single-family offices to manage investment portfolios efficiently. The roadmap for the next 24 months includes developing in-house asset management capabilities and a capital market NBFC,” said Manu Awasthy- founder, Centricity.
"Wealth management is an exciting and competitive space globally and in India. It is encouraging to see that experienced professionals from the private wealth management ecosystem have identified value gaps on the technology front and are building a solution around it,” said Saket Burman of the Burman family office.
India’s wealthtech startups have been gaining investors’ traction for quite some time now.
Last month, Liquide Solutions Pvt. Ltd, which runs an eponymous wealthtech platform, had raised $2.2 million in pre-seed funding from Singapore-based M Venture Partners and angel investors including Kunal Shah of Cred; BharatPe’s Shashvat Nakrani and Suhail Sameer; Ruchi Kalra, Ashish Mohapatra and other members of the Founders Fund by OfBusiness.
