Among others, the Burman family office, Shantanu Agarwal of the LNJ Bhilwara group, and Arun Jain, founder of Polaris Software Labs, joined a $4 million pre-seed round of funding for the investment startup Centricity.
Other angel investors who took part in the round included Devesh Sachdev of Fusion Microfinance, Rajesh Razdan of Devtron Labs, Ankush Nijhawan, CEO of TBO, Purrshottam Bhaggeria of Filatex Group, Abhay Agarwal of the Burman family office, and Pravin and Navin Jain from the Supercircle family office.
The startup will strengthen its staff in sales and product development with the money. Additionally, it will strengthen its IT sector and increase spending on brand awareness with the investment.
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“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, Centricity CEO and founder, said.
Founded in 2022 by Manu Awasthy, Centricity helps empower finance and investment professionals aspiring to establish their independent practices.
“The new age banker turned IFA not only seeks access to investment products but also a technology platform that helps him compete with large wealth management institutions. Such a platform helps the IFA automate client journeys such as onboarding, KYC, risk profiling, transaction, reporting and review thereby reducing overhead costs of manpower and infrastructure. Lower costs translate to better earnings potential”, investor Arun Jain said.
The platform aims to deliver a comprehensive SAAS based investment management platform including digital transactional capabilities for a diversified product suite.