Payments technology firm and pioneers in digital escrow solutions, Escrowpay (Trustmore Technologies) has raised an undisclosed amount in its most recent Pre Series A2 capital raise round. As per sources this is part of the firmās ongoing plans to raise a larger round of US $ 15mn within the next few months to fuel its next round of growth and expansion.
Escrowpay currently offers digital escrow solutions to more than 500+ enterprises and businesses, including unicorns, listed enterprises, emerging digital first businesses across India and is now also planning to expand to key geographies overseas.
Till now the current focus for the firm has been domestic transactions, cross border transactions will be the next big focus area. The company which also claims to be net cash flow positive, has seen rapid growth over the last 2 years. Starting its journey as a single category; real estate focused escrow solutions company it has manged to shore up quick and sizeable traction servicing multiple categories and use cases, driving efficiencies in collections and payments.
Collaborating with multiple large best of breed RBI regulated banks Escrowpay has built an open architecture stack that offers an integrated and convenient solution for businesses and platforms.
Ashwin Chawwla Founder and Managing Director said, āWe are not in a position to share exact details right now but yes; we are raising a larger investment round and will offer you all details on this as soon as we can. We have been conscious to raise so far and have focused on building the business ground up. Now that we are expanding and are keen to scale rapidly both within the country and overseas, we are looking at high-quality, like-minded partners and investors. We have been blessed so far and have some fantastic investors on the cap table who have consistently supported us. We remain firmly committed to driving value for our existing shareholders and also those who will continue to be part of this exciting journey.ā
Besides seeing follow on investments from existing investors and some family offices such as CIL, the current round also saw participation from WFC- We Founder Circle, Angel List, JB Ventures etc. Existing investors includes some marquee angels and seasoned CXO angels and it is also backed by the likes of IPV Inflection point ventures, CC One Capital, Keiretsu Forum etc.
The Escrowpay digital stack built and developed in house offers instant identity checks for stakeholders on the platform, digital contracts and signatures, integrated banking, payment gateway and trusteeship services, pay-ins and pay-outs through an escrow mechanism connected to multiple payment rails. The company claims to have built an agile capital efficient model, led by a highly experienced management team. As a company they are targeting a TPV of over US $ 2 Bn over the next 12 months and claims to have already clocked almost INR 6,000 Cr plus of TPV.
Escrowpay originally started its journey as a consumer-focused digital escrow platform in the real estate category to protect buyers, sellers and agents in property transactions. However, being the first mover/pioneer in the segment and having evangelized digital escrow payments successfully the company was quick to pivot almost 2 years back during COVID-19 as a B2B / Enterprise focused āescrow as a serviceā platform, offering its solutions to companies who wanted to protect their collections and also transactions/payments on their platforms.
Based out of Gurugram, Escrowpay works in collaboration with multiple commercial banks, payment gateways and other ecosystem partners offering an agile and seamless solution to its customers.
Weekly Startup Funding News Report For 25 October - 29 October 2024 (Latest Updates)
Weekly Funding Roundup - We compile a Weekly Startups Funding News Report summarizing all the startups that secured funding during the week. This report provides a consolidated list of newly funded ventures daywise.
Weekly Funding Roundup - We compile a weekly startups funding news report summarizing all the startups that secured funding during the week. This report provides a consolidated list of these newly funded ventures day-wise, offering a concise overview of the latest developments in the startup funding landscape. Get allIndian statups news at Viestoires.
Weekly Startups Funding News [25 October 2024 - 29 October 2024]
Althion Funding News - Althion has Secured Rs 3.6 crore in Pre-Series A Round Funding
Trisu Funding News - A pre-seed funding round, which was co-led by All In Capital, has secured an undisclosed quantity of investment for the vermeil jewelry brand Trisu.
GameEon Funding News - GameEon, a game development studio, has raised $1 million in its most recent funding round, which was co-led by SucSEED Indovation Fund, ICE VC, IAN, CD EQUIFINANCE, Nexus Global Opportunities Fund, Vivek Goel, Patni Family, Tal64.
Wundrsight Funding News - Wundrsight, a digital therapeutics startup, has secured $400K in its seed round, which was led by Inflection Point Ventures. Social Alpha, in conjunction with other angel investors, has also participated in the round.
Dharaksha Ecosolutions Funding News - Dharaksha Ecosolutions, a biotech-driven R&D start-up, has secured Rs 24.8 crore (approximately $2.95 million) in a Seed funding round sponsored by Avaana Capital.
Futwork Funding News - In its Series A round, which was led by the Michael & Susan Dell Foundation and included Artha Ventures, Simile Capital, and other investors, sales outreach platform Futwork has raised Rs 20.9 crore, about $2.5 million.
Centricity Funding News - In a seed round, Lightspeed and returning investors Burman Family Office and Shantanu Agarwal, among others, led the investment in wealth management startup Centricity, which raised $20 million at a valuation of $125 million.
11 September 2024 - Funding News
Zivy Funding News - Zivy, an AI tool that prioritizes workplace messages and duties, has secured $1.2 million in a pre-seed funding round co-led by Blume Ventures, Paradigm Shift Capital, iSeed, Everywhere Ventures, Indian Silicon Valley, and Marsshot Ventures.
Mitra Funding News - A strategic family office based in Dubai and Bestvantage Investments led the Pre-Series A fundraising round for D2C FMCG firm Mitra, which raised INR 11 Cr ($1.3 Mn).
InMobi Funding News - MARS Growth Capital, a joint venture between MUFG and Liquidity Group, has provided $100 million in debt financing to InMobi, a provider of mobile advertising network software.
Track3D Funding News - Track3D, an AI reality intelligence platform for the construction industry, announced that it had secured $4.3 million in seed funding. The funding was led by Endiya Partners, with participation from Shadow Ventures and Monta Vista Capital.
Flexiloans Funding News - In an equity funding round led by American not-for-profit fund Accion, US asset management firm Nuveen, and Nandan Nilekani-backed venture fund Fundamentum, Mumbai-based digital lending startup Flexiloans has secured Rs 290 crore (approximately $35 million).
10 September 2024 - Funding News
Crackle Technologies Funding News - Crackle Technologies, an adtech startup, has secured $1.7 million (approximately INR 14 crore) in a pre-seed funding round that was jointly headed by We Founder Circle and AC Ventures.
Supersquad Funding News - Supersquad, a startup that specializes in creator monetization, has secured Rs 2.1 crore in a funding round that was spearheaded by WLDD. Nitin Rajput and Jivraj Singh Sachar, angel investors, also contributed to the round.
AppsForBharat Funding News - AppsForBharat, the parent company of the devotional app Sri Mandir, has secured $17.8 million in its Series B funding round, which was led by Fundamentum.
Arnya Real Estate Funding News - Arnya Realestates Fund Advisors, an alternative investment management firm, has successfully closed the first close of its Rs 1,000-crore maiden debt fund, raising Rs 375 crore.
9 September 2024 - Funding News
Transcell Biologics Funding News - Quantiphi and IAN Group, both of Boston, have invested an undisclosed sum in Transcell Biologics, a biotechnology company.
2 September 2024 Monday - Latest Funding News in India
Mintifi Funding News- Mintifi a B2B digital lending startup, is reportedly in discussions to secure $100 million in a new funding round.
Clean Electric Funding News - Clean Electric, an energy storage solutions startup, has secured Rs 48.5 crore (approximately $6 million) in funding from both new and existing investors.
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