**Title:** Centricity Targets Wealth in Tier-II and Tier-III Cities
**Meta Description:** Centricity aims to tap into hidden wealth in smaller cities, expanding its wealth management services with a focus on personalized banking.
**URL Slug:** centricity-wealth-management-tier-ii-iii
**Headline:** Centricity Aims to Revolutionize Wealth Management in Tier-II and Tier-III Cities
Centricity, a burgeoning wealth management startup, is making significant strides in the financial landscape by focusing on tier-II, tier-III, and tier-IV cities in India. Founded in 2023, the company is led by a seasoned leadership team that includes Shvetank Mishra, Pramod Kumar, Apurva Dodia, and Gaurav Chahaun, all of whom bring extensive experience from major 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 pioneers in targeting wealth management in smaller cities. Wealth creation is widespread across India, yet the wealth management ecosystem has lagged, especially outside metropolitan areas,” he stated.
In its two years of operation, Centricity has established over 80 offices across 70 cities and formed partnerships with more than 12,000 mutual fund distributors and independent financial advisors. This extensive network aims to build a robust distribution base to cater to the ‘hidden wealth’ in these regions.
The company 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. This funding will facilitate Centricity’s plans to hire an additional 30 bankers next year and expand into new business lines, particularly targeting the ultra-rich in tier-II and tier-III cities.
In addition to wealth management, Centricity is venturing into the insurance broking sector after obtaining a license in December 2024. Awasthy noted that after five months of developing their technology stack, they launched this new business in April 2025, allowing them to distribute insurance through their retail platform.
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 less dense compared to metropolitan areas. This disparity has historically deterred traditional firms from investing in local infrastructure.
Centricity’s approach includes leasing branches in each city, typically staffed with 3-4 private bankers who collaborate with local partners. This strategy fosters trust with clients and enables the firm to scale efficiently without incurring the high overhead costs associated with relocating talent. Unlike traditional bankers who manage numerous client relationships, Centricity limits each banker to just 20 families, ensuring a more personalized service.
As the wealthtech sector in India continues to evolve, Centricity is poised to play a pivotal role in reshaping wealth management for clients in smaller cities, addressing a significant gap in the market.
**FAQ Section:**
**Q: What is Centricity’s focus in the wealth management sector?**
A: Centricity aims to provide personalized wealth management services to clients in tier-II, tier-III, and tier-IV cities, addressing the needs of the ultra-rich in these regions.
