New Delhi-based fintech platform Castler on Tuesday said it has secured seed funding round of $1 million (around Rs 7.7 crore) led by Zerodha’s venture capital arm Rainmatter, with participation from Venture Catalysts, 9Unicorns, Faad Network and LetsVenture.
Operational since last year, Castler is a global escrow platform for enterprises offering domestic and cross-border escrow solutions.
Castler plans to use the fresh funds to further expand its domestic and cross-border escrow product portfolio, go live with 10 more banks and grow its business by 10 times over the next 1 year.
The startup claims to provide escrow solution to over 150 enterprises and manages over Rs 1,000 crore in transactions every month.
“Our technology-fuelled platform and team have allowed us to think and plan like a large organization but execute like a startup and this is imperative for the space that we operate in. With this funding round, we look forward to continued growth at breakneck speed,” said Vineet Singh, founder of Castler.
Castler has also partnered with nine leading Indian and global banks to provide a wide array of banking services, it said in a statement.
“We’ve regularly seen banks struggling to operate around operating escrow accounts. Castler is solving a real pain point around escrow account solutions, which have multiple use cases across financial transactions, and we’re excited to be partnering with them on their journey,” said Nithin Kamath, founder of Zerodha and Rainmatter.
Rainmatter, which was founded by Zerodha’s Nithin Kamath in 2015, is a startup incubator that provides workspaces, mentorship, and funding between $100,000 and $500,000 to fintech and tech startups.
Earlier, Castler raised $500,000 in a pre-seed round from Venture Catalysts, 9Unicorns, LetsVenture and AngelList.