WEALTH TECH FIRM CENTRICITY TARGETS RS 120-CR TOP LINE IN FY25

Gurugram-based wealth management platform Centricity, which recently raised $20 million in one of the largest seed funding rounds in recent years, is aiming at a top line of Rs 100-120 crore by the end of the current fiscal.

In an interaction with FE, founder and CEO Manu Awasthy said the company reported a three-time rise in revenue in FY24 to around Rs 40 crore while keeping the cash burn at Rs 8-10 crore.

“Broadly speaking, we are looking at a Rs 300-crore top line and almost Rs 40-50-crore PAT in the next three years,” he said.

Centricity offers two solutions for wealth management – its B2C business Invictus caters to single-family offices and ultra high net worth individuals with portfolios of more than Rs 100 crore, while its B2B2C product One Digital helps independent financial product distributors in tier II and III cities manage their clients.

With the capital already being raised, the company will now venture into insurance and stock broking and build a platform to help NRIs invest in Indian markets, manage taxes and more, mostly in line with the cross-selling play of most fintechs.  

“We have already built the technology infrastructure and have new branches coming up. So, we don’t have to put incremental effort or money and can leverage the existing infrastructure to build a strong solution for global Indians,” Awasthy said.

Centricity will also expand its distribution network to 120 cities from 27 at present, hire 40-50 private bankers for its UHNI vertical and expand its tech team to 150 employees from 75. The platform currently has nearly 5,000 distributors and the company plans to onboard another 7,000 by next year.

Before the latest funding round, Centricity had raised $4 million in September 2022, in a round led by the Burman Family Office that valued the company at $20 million. The latest seed round has bumped up its valuation to $125 million.

2024-09-19T00:38:51Z dg43tfdfdgfd