Centricity, a New Delhi, India-based wealthtech startup that offers plug-and-play, raised $4 million in pre-seed funding.
The round was led by Burman family office, LNJ Bhilwara Group's Shantanu Agarwal, and Polaris Software founder Arun Jain.
Other angel investors in the round included Fusion Microfinance's Devesh Sachdev, Devtron Labs' Rajesh Razdan, TBO cofounder Ankush Nijhawan, Filatex Group's Purrshottam Bhaggeria, Abhay Agarwal of the Burman family office, and Pravin and Navin Jain of the Supercircle family office.
The funding will be used to strengthen the startup's product and sales teams. It will also use the funds to improve its tech vertical and increase brand awareness.
"The roadmap for the next 24 months includes developing in-house asset management capabilities and a capital market non-banking financial company (NBFC). Our long-term vision is to establish Centricity as India's largest B2B2C financial distribution brand with technology being at the core of a one-stop financial product shop for wealth managers and end investors,"- Manu Awasthy, founder and CEO of Centricity, said.
It aims to build a full-stack open-source financial services platform largely targeted at IFAs, external asset managers, and single-family offices to manage investment portfolios efficiently.
Company: Centricity Wealth Tech Pvt Ltd.
Raised: $4.0M
Round: pre-Seed Round
Funding Month: September 2022
Lead Investors: Burman family office, LNJ Bhilwara Group's Shantanu Agarwal and Arun Jain
Additional Investors: Devesh Sachdev, Rajesh Razdan, Ankush Nijhawan, Purrshottam Bhaggeria, Abhay Agarwal, Pravin Jain, and Navin Jain
Company Website: https://www.centricity.co.in/
Software Category: Wealth Management Platform-as-a-Service
About the Company: Founded in 2022, Centricity is a wealthtech startup providing plug-and-play solutions for IFA professionals looking to transition into wealth management. Centricity provides a full-stack digitally enabled wealth management platform that offers a variety of investment opportunities and value-added services for independent financial professionals to serve their clients, as well as do-it-yourself capabilities for single-family offices, such as multi-asset reporting and order management systems. Centricity's goal is to provide a complete SaaS-based investment management platform with digital transactional capabilities for a diverse product suite. Centricity delivers its software to independent financial advisors, retailers, sole proprietors, and other businesses.
Source: https://inc42.com/buzz/centricity-bags-4-mn-to-offer-plug-play-solutions-to-wealth-management-professionals/