**Centricity: Pioneering Wealth Management in Tier-II and Tier-III Cities**
Centricity, a wealth-tech startup founded in 2023, is making significant strides in the wealth management sector by targeting the untapped potential in tier-II, tier-III, and tier-IV cities across India. The leadership team comprises seasoned professionals, including Shvetank Mishra, Pramod Kumar, Apurva Dodia, and Gaurav Chahaun, who bring extensive experience from prestigious financial institutions.
Manu Awasthy, co-founder and CEO of Centricity, emphasizes the company’s unique position in the market. “While we may rank as the 20th or 40th player in private wealth overall, we are the first movers into tier-II, tier-III, and tier-IV cities. Wealth creation is consistent across India, but the wealth management ecosystem has not kept pace, especially outside metropolitan areas,” he stated.
Centricity has ambitious plans for growth, including hiring an additional 30 bankers in the coming year and expanding into new business lines to cater to the ultra-rich in smaller cities. The company is also venturing into the insurance broking sector after obtaining a license in December 2024, with plans to launch the business in April 2025.
In just two years, Centricity has established over 80 offices in 70 cities and partnered with more than 12,000 mutual fund distributors and independent financial advisors, creating a robust nationwide distribution network. The startup recently secured $20 million in seed funding, led by Lightspeed India Partners and supported by notable investors, including the Burman Family Office and MS Dhoni’s Family Office.
According to Kotak’s 2021 wealth report, approximately 45% of India’s ultra-high-net-worth individuals (UHNI) reside in tier-II and tier-III cities, although wealth concentration is lower compared to metropolitan areas. This dynamic has historically discouraged traditional firms from investing in local infrastructure. Centricity addresses this gap by leasing its own branches in each city, typically staffed with 3-4 private bankers who work closely with local partners to build trust and foster relationships.
Unlike traditional bankers who manage numerous client relationships, Centricity limits each banker to just 20 families, ensuring personalized service and attention. This approach allows the firm to scale effectively while maintaining a strong connection with its clients.
In conclusion, Centricity is poised to revolutionize wealth management in India by focusing on underserved markets and providing tailored services to the ultra-rich in smaller cities. As the wealth-tech sector continues to evolve, Centricity’s innovative strategies and commitment to client relationships position it for future success.
**FAQ**
**What is Centricity’s focus in the wealth management sector?**
Centricity aims to serve the ultra-rich in tier-II, tier-III, and tier-IV cities in India, addressing the gap in wealth management services outside metropolitan areas.
