New Delhi-based Castler, a global escrow banking platform, has successfully secured pre-Series A funding of $s million (equivalent to Rs 41 crore) in a recent round co-led by IIFL fintech fund and Info Edge’s fund Capital 2B, according to an official announcement. Notably, the funding round also witnessed active participation from Piper Serica and Stride Ventures, alongside returning investors Venture Catalysts, 9Unicorns, FAA D Network, and Zerodha, as stated by the startup.
The newly raised capital will primarily be utilized to fuel the expansion of Castler’s domestic and cross-border escrow product portfolio. Additionally, the company aims to forge partnerships with 25 banks and enhance its business reach in the coming years.
Castler specializes in offering comprehensive escrow solutions to enterprises, both within the domestic market and across borders. Since its inception in April 2021, the company has already established collaborations with 10 banks, enabling it to cater to the needs of over 500 enterprises. Notably, Castler manages an impressive monthly transaction volume of over Rs 5,000 crore.
Overall, this funding round is expected to propel Castler’s growth trajectory, enabling the company to strengthen its position in the escrow banking sector while delivering innovative solutions to a wider range of clients.