Venture Catalysts-backed escrow-as-a-service startup Castler has elevated Dinesh Kumar as a Co-Founder as the company plans aggressive expansion plans. Kumar joined Castler in April this year as a Chief Business Officer to spearhead the growth function of the company.
Prior to joining Castler, Kumar was with MagicBricks(a real estate classified site), where he working in the capacity of National Sales Head.
Commenting on Kumar’s elevation as a Cofounder, CEO of Castler Vineet Singh said, “Building the most secure transaction platform for the people of India is a task we do not take lightly. Our intense commitment means we associate with seasoned people who know how to take a startup to new heights while staying true to its core values. Dinesh’s diverse experience is invaluable to us since he knows how to scale profitable businesses from scratch, while creating companies that hold value-creation for their clientele at the core of their mission. I feel confident that he will deliver on our aim of becoming the most secure transaction solutions company.”
Kumar is a B2B demand specialist and a business builder with over 20+ years of experience in building and scaling enterprise businesses in jobs, prop-tech & hospitality. During his past stints at Naukri.com and 99acres, he achieved a 1x to 100x scale in both companies, managing large teams and geographies across India. He was also the Business Head at Treebo Hotels, a hospitality chain.
On making a shift to a fintech company, Kumar said, “The fintech industry is rapidly evolving to tackle the exponential rise in monetary cyber-frauds that has been experienced in the past few years. Since 2019, monetary frauds have risen by approximately 30% in India. A secure transaction ecosystem is the need of the hour, and I’m beyond thrilled to be associated as a co-founder and spearhead the business development function of Castler and work towards establishing easy and safe escrow workflow solutions for both consumers and enterprises.”
Castler (owned by Ncome Tech Solutions Private Limited) raised INR 3.6 crores in a pre-seed funding round in December 2020, which saw participation from Venture Catalyst, PointOne Capital, LetsVenture, and AngelList. The Delhi-based startup recently launched India’s first white-label digital escrow solution for various industries in order to extend digital escrows to companies who wish to offer this service to their clientele. The company, however, was formally launched in January this year and has been witnessing massive growth in its business amidst rising online fraudulent transactions.
The Delhi-based fintech has grown by 53% with value of active transactions nearing Rs 30 crore in just 7 months of launch.
The average balance in its digital escrow accounts has jumped from ₹3.71 lakh to ₹8 crore with the gross transaction value rising from ₹30 lakh to ₹25 crore per month.