Summary
Centricity Wealth Tech raised INR 280 crore (~$29-33M) in a Series A led by SMBC Asia Rising Fund, the corporate VC jointly established by Sumitomo Mitsui Banking Corporation and Incubate Fund Asia. The capital funds expansion of Centricity's B2B2C wealth distribution network, technology, and private wealth/NRI advisory verticals, including through GIFT City (India) and DIFC (UAE). The deal reflects Japanese banking groups investing in South Asian fintech to secure distribution infrastructure for India's booming wealth market.
Key Points
- INR 280 crore (~$29-33M) Series A led by SMBC Asia Rising Fund
- SMBC Asia Rising Fund: corporate VC jointly established by Sumitomo Mitsui Banking Corporation + Incubate Fund Asia
- Existing backers: Lightspeed India Partners, Burman Family Office, RAAY Investments (Amit Patni), Kuldeep Rathi Family Office, Stride Ventures, InnoVen Capital
- Centricity founded 2022 by CEO Manu Awasthy + co-founders
- B2B2C model: One Digital (marketplace/practice mgmt for independent advisors) + Invictus (institutional analytics for single-family offices)
- Network of over 20,000 financial distributors
- Plans to hire 50+ private bankers (domestic) + 35-40 for foreign currency/NRI accounts
- Expanding through GIFT City (India) and DIFC (UAE)
- Prior funding: $4M pre-seed (2022, $20M valuation), $20M seed (2024, $125M valuation, Lightspeed-led)
- Revenue: INR 13.5 crore FY23; expects >INR 150 crore FY27 (~200% YoY growth)
- SMBC's sixth major equity deployment in India (also Shivalik Small Finance Bank, DPDzero, Vayana Network)
- Indian wealthtech startups raised over $200M across 12 institutional rounds recently (TheKredible)
- Financial assets as % of Indian household wealth grew 15% over past decade