Centricity Raises $31.92 Million in Series A Funding
Gurugram-based Centricity, a firm specializing in wealth management and investment advisory services, has successfully raised $31.92 million (₹280 crore) in a Series A funding round. The round was led by SMBC Asia Rising Fund, with participation from Lightspeed India Partners, Burman Family Office, RAAY Investments, Kuldeep Rathi Family Office, Stride Ventures, and Innoven Capital.
Expanding Wealth Management Services
Centricity, co-founded by Aditya Shankar and Gaurav Tiwari, offers a range of services including investment advisory, mutual funds, portfolio management services (PMS), alternative investment funds (AIFs), and portfolio tracking solutions. Their offerings are tailored for investors, high-net-worth individuals (HNIs), and family offices.
Use of Funds
The fresh capital will be utilized to enhance Centricity's wealthtech platform and to expand its services to the Non-Resident Indian (NRI) market. This strategic move aims to tap into the growing demand for sophisticated wealth management solutions among NRIs.
Investors and Market Impact
The funding round's lead investor, SMBC Asia Rising Fund, is known for its focus on supporting innovative and growing companies in Asia. The participation of other prominent investors underscores the confidence in Centricity's business model and growth potential in the wealth management sector.
Centricity's focus on expanding its services and technological capabilities is expected to strengthen its position in the competitive wealth management market in India, providing enhanced services to its growing client base.