Delhi-based fintech startup Castler has partnered with India’s leading angel network Mumbai Angels (MA) to provide secure, faster, and affordable digital escrow solutions to the latter’s all the portfolio companies.
Castler, an escrow-as-a-service provider, will help enable a convenient and safer financial transaction platform for the portfolio companies of Mumbai Angels. These companies can use Castler’s platform for several use-cases, including Buyer and Seller Trust gap, Lending, Profit sharing, Pooling of Monies from Investors, Cash Flow Collection, Mergers & Acquisitions, Marketplaces, Gaming, Real estate, Charities, and Fund Raisings.
Commenting on the partnership, Castler’s Co-Founder and CEO Vineet Singh (ex-CBO at Mobikwik, 99acres, and Naukri.com) said, “The current transaction environment in India is extremely uncertain and riddled with frauds, and this has led to a substantial trust gap between parties. A robust, secure, and convenient transaction ecosystem is the need of the hour for both consumers and enterprises. Teaming up with Mumbai Angels to extend secure digital escrow to their portfolio companies will act as a great catalyst for improving accessibility to the solution we offer.”
“We are curating a high-end cohort of service providers to strengthen the core businesses of our portfolio companies. We believe Castler can be a promising partner for Escrow services, an innovative solution for early-stage companies looking for funding, and a secure payment route in this initiative. We look forward to a strong and long-term relationship with the Castler team,” said Shivangi Bubna, Head of Investment Products at Mumbai Angels Network.
Castler (owned by Ncome Tech Solutions Private Limited) raised INR 3.6 crore in December in a pre-seed funding round from Venture Catalysts, PointOne Capital, 9Unicorns, and AngelList. The company, which is in talks to raise a Series A funding round by the end of this year, has 38 enterprise clients and is looking to add about 600 such clients next year.
For businesses that wish to adopt an integrated trust-based online transaction platform conveniently and economically, Castler has recently launched India’s first white-label digital escrow solution. The solution guarantees a refined digital escrow product developed by a dedicated team of tech and finance experts. It promises to act as a force multiplier for the growth of businesses.