Lightspeed-backed Centricity hires 30 private bankers to tap tier-2, 3 India’s affluent class
Leadership team Shvetank Mishra, former Abn Amro, RBS, Icıcı Securities; Pramod gambling, former Icici Direct, Canara HSBC LIFE; Apurva Dodia, Old Icici, Kotak, UBS, Motilal Oswal; and Gaurav Chahaun, former Icici Bank, Kotak, Barclays, HDFC, Citibank.
“In general, while the 20th or 40th player in the special reserve, we are the first to carry the cities of the level-II, LEVEL-III and LEVEN-IV. Creating wealth was uniform in India, but the reserve management did not keep up with the ecosystem, especially out of the external subway.”
The company also plans to hire 30 more bankers next year. Awashy said Centricity plans to expand to other new business lines to present Ultra rich in the cities of Centricity and Level-III.
The company also provides a license in December 2024 and gets into the insurance broker business. “After spending about five months to form a pile of technology, we started the job in April 2025. The undergraduate allows us to distribute insurance on our retail platform,” he said.
India’s Wealthtech sector has recently seen crazy activity in recent years with attempts such as barn money, disadvantures and lowercase letters, as well as fund collecting.
Regional footprint
Established in 2023, the two-year-old initiative aims to ‘secret fortune’ in Tier-II, Tier-III and Level-IV cities. In the last two years, Centricity has established more than 80 offices in 70 cities and has established more than 12,000 investment fund distributors and independent financial advisors to create a country -wide distribution base.
Centricity Wealthtech collected $ 20 million ( La168 Crore) On a seed financing tour led by Lightspeed India Partners and supported by Burman Family Office (Dabur Group) and MS Dhoni’s family office.
According to Kotak’s 2021 asset report, approximately 45% of India’s UHNI population is located in the cities of level-II and Level-III; However, the reserve concentration is thinner. The subways can have thousands of families La100 Crore portfolio, each of the smaller cities can only have 20-50 this family. This dynamic historically deterred traditional companies from investing in local infrastructure.
The company usually rents its branches in every city that works with 3-4 private bankers supporting local partners. Awashy said that this asset helps to create trust with customers and allowed the company’s ability to change its location without heavy loads. “Unlike traditional bankers who balance 100-200 relationships, the centrality limits each banker with only 20 families. The company works with customers at least LaDelhi, Mumbai and Bengaluru financial assets 100 Crore and La50 crore threshold in other cities, ”he added.
Income targets
Delivered centrality La20 Crore Comes in the first year of the operations (23-24 financial) La64 Crore in FY24-25.
The company aims for the current year La125-150 crore and already passed La30-35 Crore in the first two months. Until next year, it is either waiting to break or become profitable La250-300 Crore comes, dedi he said. Wealthtech aims to scale approximately scale under the management (AUM). LaIn the next three years, 50,000 CRORE, Available La10,000 crore.
The company plans to take another financing tour next year. “We are good capital at this stage and we do not see the need to collect donations. If we start new business lines, we can look at another fund increase next year,” he said.
