Centricity WealthTech Company Profile

Background

Overview

Centricity WealthTech is a Gurugram-based wealthtech startup founded in early 2022 by former senior private bankers, including CEO Manu Awasthy. The company specializes in providing technology-driven financial services platforms tailored for independent financial advisors, external asset managers, and single-family offices. Its mission is to democratize access to financial advisory and investment intelligence, enabling wealth managers and end investors to achieve better outcomes through innovative solutions.

Mission and Vision

Centricity aims to build India's largest financial distribution franchise and a best-in-class boutique private banking practice. The company's vision is to empower financial advisors to easily access and transact in financial products while simplifying the understanding of financial portfolios.

Primary Area of Focus

The company focuses on offering plug-and-play financial services platforms that provide digital transactional capabilities across various products, assisting financial product distributors in managing client portfolios effectively. Its platforms cater to both independent financial advisors and ultra-high-net-worth individuals (UHNIs).

Industry Significance

Centricity is emerging as a strong partner in India's evolving wealth ecosystem, leveraging technology to address the challenges faced by wealth managers, their clients, and asset managers. Its innovative approach positions it as a significant player in the wealthtech industry.

Key Strategic Focus

Core Objectives

• Expansion of Assets Under Management (AUM): Centricity aims to double its AUM to ₹20,000 crore by March 2026, up from ₹10,000 crore.

• Geographical Expansion: The company plans to deepen its presence across India's top 70 cities, with a focus on tier-II and tier-III markets.

Specific Areas of Specialization

• Financial Product Distribution: Centricity offers a comprehensive suite of financial products, training, tools, and support to financial product distributors.

• Wealth Management for UHNIs: The company provides advanced reporting, portfolio analytics, liquidity profiles, and performance tracking for single-family offices and UHNIs.

Key Technologies Utilized

• Generative AI: Centricity is developing generative AI-driven modules to enhance its platforms.

• Insurtech and Broking-Tech: The company is expanding into insurtech and broking-tech platforms to offer a broader range of services.

Primary Markets Targeted

• Independent Financial Advisors (IFAs): Centricity provides solutions to IFAs seeking to transition into wealth management.

• Single-Family Offices (SFOs): The company offers specialized services for SFOs managing substantial portfolios.

Financials and Funding

Funding History

• Pre-Seed Round (September 2022): Raised $4 million at a valuation of $20 million.

• Seed Round (September 2024): Secured $20 million, bringing the company's valuation to $125 million.

Notable Investors

• Lightspeed India Partners: Led the seed funding round.

• Burman Family Office: Participated in both funding rounds.

• Shantanu Agarwal: Investor in the pre-seed round.

• MS Dhoni Family Office: Participated in the seed funding round.

Utilization of Capital

• Technology Development: Enhancing platforms with generative AI, insurtech, and broking-tech solutions.

• Talent Acquisition: Doubling the tech team from 75 to over 150 specialists.

• Geographical Expansion: Deepening presence across India's top 70 cities.

Pipeline Development

Key Pipeline Candidates

• Invictus Platform: Targets UHNIs and single-family offices, offering advanced reporting and portfolio analytics.

• One Digital Platform: Designed for financial product distributors, providing access to a wide array of financial products and support.

Stages of Development

• Invictus: Operational, serving UHNIs and SFOs.

• One Digital: Launched in April 2023, operational with a growing user base.

Target Conditions

• Invictus: Serves UHNIs and SFOs managing portfolios exceeding ₹100 crore.

• One Digital: Caters to financial product distributors, including mutual fund distributors and insurance agents.

Anticipated Milestones

• Expansion: Plans to onboard 1,000-1,500 IFAs in the next 24 months.

• Revenue Targets: Aiming for ₹125-150 crore in revenue for the current year, with expectations to break even or turn profitable by next year.

Technological Platform and Innovation

Proprietary Technologies

• Generative AI Modules: Developing AI-driven solutions to enhance platform capabilities.

• Insurtech and Broking-Tech Platforms: Expanding service offerings to include insurance and brokerage solutions.

Significant Scientific Methods

• Phygital Approach: Combining digital convenience with personalized guidance to enhance user experience.

Leadership Team

Key Executives

• Manu Awasthy: Founder & CEO.

• Pushpendra Singh: Founding Partner.

• Manish Sharma: Founding Partner.

• Ishkaran Chhabra: Founding Partner.

Professional Backgrounds

• Manu Awasthy: Former senior private banker with extensive experience in wealth management.

• Pushpendra Singh: Experienced in financial services and wealth management.

• Manish Sharma: Background in private banking and wealth management.

• Ishkaran Chhabra: Expertise in financial services and investment management.

Key Contributions

• Manu Awasthy: Led the establishment and growth of Centricity, focusing on technology-driven wealth management solutions.

• Pushpendra Singh: Contributed to the development of financial products and services tailored for independent advisors.

• Manish Sharma: Played a pivotal role in building partnerships and expanding the company's reach.

• Ishkaran Chhabra: Focused on enhancing investment management capabilities and client servicing.