Escrow Banking Solution Provider Castler Raises $1 Million In Funding
Castler, a global escrow banking solution provider, has raised $1 million from Zerodha’s venture capital arm Rainmatter. The funding round also saw participation from Venture Catalysts, 9Unicorns, Faad Network and LetsVenture.
As per the startup, the raised funds will be used to further expand the domestic & cross-border escrow product portfolio. The startup expects to go live with 10 more banks and plans to grow its business by 10x over the next year.
Castler | Digitizing Escrow Banking
Founded by Vineet Singh, Dinesh Kumar and Ritesh Tiwari in January 2021, Castler is a Delhi-based startup that offers domestic and cross-border escrow solutions and escrow management solutions for enterprises and banks.
The Delhi-based startup is leveraging technology, expertise and innovation to make escrow services more accessible and convenient for enterprises and consumers alike by digitising the escrow process.
Speaking about the development, Vineet Singh, Founder of Castler, said,
“Our simplified technology fuelled platform and high-calibre experience allows us to think like a large organisation but execute like a startup. With this funding, we will look to grow further.”
As per the startup, it provides escrow solutions for over 150 enterprises and manages over Rs 1,000 crore ($130 million) in transactions every month. Being an early mover in the segment, Castler is now in a position to dominate the Escrow Banking space that is poised to reach $250 billion by 2030.
Commenting on the development, Nithin Kamath, founder of Zerodha & Rainmatter, said,
“Castler is solving a real pain point around escrow account solutions, which have multiple use cases across financial transactions. We’re excited to partner with them.”
The Delhi-based startup has previously raised an idea-stage pre-seed round from Venture Catalysts, 9Unicorns, LetsVenture and AngelList.
It is also backed by leading angels such as Dhruv Agarwala (CEO-REA India, Founder-Housing.com and Proptiger), Naveen Kukreja (Co-Founder & CEO Paisabazaar), Vivek Khare (Ex-Corp Dev Head at Info Edge, Investor in Zomato and PolicyBazaar), and other renowned Angels.