Money & Banking
Our Bureau | Mumbai, June 22 |
Global Escrow Banking solution provider, Castler has raised $1 million in a seed funding round led by Zerodha’s venture capital arm Rainmatter with participation from Venture Catalysts, 9Unicorns, Faad Network and LetsVenture.
Castler to utlise the funds for further expanding its domestic and cross-border escrow product portfolio, go live with ten more banks and grow its business by 10 times over the next one year.
It is a global escrow platform for enterprises offering domestic and cross-border escrow solutions and offers a unique Escrow Management TSP solution for enterprises and banks.
Operational since last April, the company provides escrow solution for over 150 enterprises and manages over ₹1,000 crore ($130 million) in transactions every month.
The company’s record growth has been achieved with a team of just 12 employees, and ably supported by a robust technical infrastructure.
Vineet Singh, Founder of Castler said the simplified, technology-fuelled platform and experienced team have allowed it to think and plan like a large organisation but execute like a startup.
With the fresh funding, the company looks forward to continued growth, he said.
It has partnered with nine leading Indian and Global Banks to provide a wide array of banking services.
Nithin Kamath, Founder of Zerodha & Rainmatter who led the $1 million seed round of Castler, said the company is solving a real pain point around escrow account solutions, which have multiple use cases across financial transactions.
Being an early mover, Castler is now in a position to dominate the Escrow Banking space which is poised to be $250 billion by 2030 and also democratise the product for mass usage and adoption among consumers and MSMEs.
It has previously raised an idea-stage pre-seed round from Venture Catalysts, 9Unicorns, LetsVenture and AngelList.
Castler is also backed by leading angels such as Naveen Kukreja, Co-Founder & CEO Paisabazaar, Dhruv Agarwala, CEO-REA India (Founder-Housing.com and Proptiger), Vivek Khare, Ex-Corp Dev Head at Info Edge (Investor in Zomato and PolicyBazaar), Deepak Gaddhyan, Chief Credit Officer (Wholesale) at RBL Bank, Ajay Rajan, Senior Group President, Yes Bank and other renowned Angels.