Centricity Expands UHNI Vertical with 30 Senior Private Bankers

Centricity, a wealthtech startup, has onboarded 30 senior private bankers to boost its ultra-high-net-worth individual (UHNI) vertical. The new hires will operate under the Invictus platform, catering to UHNIs and single-family offices. Centricity plans to double its private banking team by the end of the fiscal year and aims to manage Rs 50,000 crore in assets by 2026. The company raised $20 million in a funding round in September 2024 at a valuation of $125 million.

Gurugram-based wealthtech startup Centricity has bolstered its ultra-high-net-worth individual (UHNI) vertical by onboarding 30 senior private bankers. These new hires will operate under the Invictus platform, catering to UHNIs and single-family offices. The move is part of Centricity's strategy to expand beyond metropolitan areas and strengthen its presence in tier-II and III cities.

The bankers, who have previously worked with institutions such as UBS, Barclays, Kotak, and ICICI Securities, will manage over 135 clients with portfolios exceeding Rs 100 crore each in tier-I cities and Rs 50 crore in tier-II and III cities. By the end of the fiscal year, Centricity aims to double its private banking team [1].

Centricity, founded by Manu Awasthy, operates two platforms. The ‘Centricity platform’ serves financial product distributors (FPDs) by providing access to products from over 100 asset management companies (AMCs) and a mix of digital tools and human support. The Invictus vertical offers personalized investment management, including portfolio analytics, reporting, and insights for UHNIs and single-family offices.

Currently, Centricity manages assets of more than Rs 10,000 crore and raised $20 million in a funding round led by Lightspeed India Partners in September 2024 at a valuation of $125 million. The startup currently operates 80 branches across 70 cities.

"We are optimistic that Invictus will contribute approximately 50% to our overall business by FY26 and our target of Rs 50,000 crore in AUM growth in the next three years," said Awasthy, founder and CEO of Centricity.

The development comes as India's wealth management sector faces intensified competition in the UHNI space, with incumbent firms competing with new-age startups like Centricity that combine technology with experienced bankers to tap the expanding affluent base.

The company's expansion into smaller cities is a strategic move to capture the growing UHNI market outside major metropolitan areas. The new hires will focus on Delhi-NCR, Rajasthan, Uttar Pradesh, West Bengal, Chhattisgarh, Andhra Pradesh, and Telangana.

Shvetank Mishra, chief business officer at Invictus, noted, "The company offers a differentiated approach that combines technology, deep advisory expertise, and a strong distribution network to deliver outcomes. Specifically, through Invictus, the newly added private bankers with an average of over 20 years of experience in their respective geographies will offer distinctive client understanding and local insights."

References:
[1] https://m.economictimes.com/tech/startups/wealthtech-startup-centricity-onboards-30-private-bankers-to-boost-uhni-push/articleshow/123413783.cms