In its pre-Series A funding round, Castler raised $6 million from a group of investors led by Capital 2B (an Info Edge Fund), IIFL Fintech Fund, and others. The Flipkart Group took part in Castler’s funding round as well.
According to the business, this most recent investment will allow it to accelerate its growth plan for both domestic and international escrow services. With over 25 banks in mind, the company plans to partner with them in order to achieve significant growth over the next few years.
“Having Flipkart Ventures as an investor is a noteworthy accomplishment that underscores Castler’s strong performance and cements our pole position in the escrow banking industry. We have everything in place now to execute and build a large business,” Vineet Singh, Co-Founder & CEO of Castler, said in a statement.
According to Castler, 500 companies have already received services, and their monthly sales exceed INR 5,000 Cr.
Lubna Ahmed, Head of Flipkart Ventures, said, “Flipkart has always been at the forefront of empowering the startup ecosystem in India. We are excited to witness the transformative journey of startups in India as they harness Flipkart’s resources and guidance to bring their innovative ideas to life. We are pleased to invest in Castler as it continues to fuel innovation and growth in its industry. The investment is being made by Flipkart Ventures through its cohort-based Leap Ahead program.”
Castler is a business-focused global escrow platform that offers both domestic and international escrow services. Former Info Edge executives Vineet Singh and Dinesh Kumar founded Castler, a company that offers businesses and banks a unique Escrow Management TSP solution. Since it began operating in April 2021, the business has become the preferred escrow provider for more than 500 companies.