Total amount raised
$11.6 Millions
Latest funding date
9/1/2023
Location
Castler has successfully raised $5 million from investors including Capital 2B, IIFL Fintech Fund, and Rainmatter. The platform offers a unique Instant Digital Escrow facility, transforming the escrow experience through automation and seamless integration with India's top banks.
Keep reading to explore the intricacies of Castler's fundraising journey and the investors backing this innovative platform.
What Is Castler?
Castler, founded in 2020, is headquartered in New Delhi, India. The company was established by Dinesh Kumar, Ritesh Tiwari, Vineet Kumar Singh, and Vineet Singh.
Specializing in digital escrow services, Castler aims to make escrow processes fast, easy, and economical. Their platform allows users to create instant digital escrow facilities in under a minute.
With a team of 51-100 employees, Castler leverages technology to provide secure and efficient escrow solutions, partnering with top banks and SEBI-authorized trustees.
How Much Funding Has Castler Raised?
- Amount Raised: ₹3.6M
Date: December 2021
Lead Investors: Not publicly disclosed
Valuation at Round: Not publicly disclosed
Motivation Behind the Round: To develop the platform and establish initial operations. - Amount Raised: $1M
Date: June 2022
Lead Investors: Rainmatter Capital
Valuation at Round: Not publicly disclosed
Motivation Behind the Round: To expand the platform's capabilities and increase market reach. - Amount Raised: ₹410M
Date: May 2023
Lead Investors: Capital 2B, IIFL Finance
Valuation at Round: Not publicly disclosed
Motivation Behind the Round: To scale the business and enhance product offerings. - Amount Raised: $5.5M
Date: September 2023
Lead Investors: Capital 2B, IIFL Finance
Valuation at Round: Not publicly disclosed
Motivation Behind the Round: To further expand domestic and international operations.
Total Amount Raised: $7.5M
Current Valuation: Not publicly disclosed
Key Investors
- Capital 2B
- Details: Capital 2B is an investment fund managed by Info Edge, focusing on technology and internet-based startups. They have a strong track record of backing innovative companies in the tech sector.
- Investment Focus Areas: Technology, internet-based startups, fintech
- Notable Investments: Zomato, PolicyBazaar, ShopKirana
- IIFL Fintech Fund
- Details: IIFL Fintech Fund is a venture capital fund managed by IIFL, dedicated to investing in financial technology startups. They aim to support companies that are transforming the financial services landscape.
- Investment Focus Areas: Fintech, financial services, technology
- Notable Investments: Lendingkart, Open, Setu
- Rainmatter Capital
- Details: Rainmatter Capital is a venture capital firm founded by Zerodha, focusing on nurturing fintech startups. They provide funding and mentorship to early-stage companies.
- Investment Focus Areas: Fintech, financial services, technology
- Notable Investments: Smallcase, Streak, Sensibull
- Venture Catalysts
- Details: Venture Catalysts is an integrated incubator that provides funding and support to early-stage startups. They have a wide network of investors and mentors to help startups grow.
- Investment Focus Areas: Early-stage startups, technology, consumer services
- Notable Investments: Beardo, Fynd, Innov8
- Stride Ventures
- Details: Stride Ventures is a venture capital firm that provides debt financing to startups. They focus on offering flexible financing solutions to high-growth companies.
- Investment Focus Areas: Fintech, healthcare, consumer services
- Notable Investments: MobiKwik, SUGAR Cosmetics, Infra.Market
What's Next for Castler?
Castler is poised to seize significant opportunities by expanding its domestic and international escrow product offerings. With plans to increase banking partnerships to 25 banks, the company aims to scale its business tenfold over the next few years. Managing over Rs 5,000 crore in transactions monthly, Castler is well-positioned to capitalize on the growing digitization and automation in financial transactions.
Future fundraising seems likely as Castler continues to grow. The company’s aggressive expansion plans and previous successful funding rounds suggest potential for additional investments. However, challenges such as managing complex transaction flows, ensuring robust identity verification, and maintaining consumer trust in digital transactions could pose hurdles along the way.
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