Castler, a global escrow platform for enterprises, has announced that it has raised $1 million in seed funding in a round led by Zerodha’s Rainmatter, with participation from Venture Catalysts, 9Unicorns, Faad Network and LetsVenture. The funds will be used to expand the company’s domestic and cross-border escrow product portfolio, go live with 10 more banks, and grow its business by 10x over the next year. Castler offers a unique Escrow Management TSP solution for Enterprises and Banks, and is already the trusted escrow solution for over 150+ enterprises, managing over INR 1000+ crores ($130 Mn) in transactions every month. Castler has partnered with nine leading Indian and Global Banks to provide a wide array of banking services. Being an early mover, Castler is now in the pole position to dominate the Escrow Banking space, which is poised to be $250 Bn by 2030 and also democratize the product for mass usage and adoption amongst Consumers and MSMEs. Castler has previously raised a $500K idea-stage pre-seed round from Venture Catalysts, 9Unicorns, LetsVenture and AngelList.
