Funding Alert

Fintech Startup Castler has raised $1 million from Zerodha’s venture capital arm Rainmatter and others

• ByStartupStory     |    June 22, 2022

On Tuesday, the New Delhi-based fintech platform Castler said that it has received a $1 million (about Rs 7.7 crore) seed round of funding from Rainmatter, the venture capital arm of Zerodha, with participation from Venture Catalysts, 9Unicorns, Faad Network, and LetsVenture. Castler, a global escrow platform for businesses that offer domestic and international escrow solutions, has been in operation since last year.

In the coming year, Castler hopes to grow its business by a factor of ten, go live with ten more banks, and further expand its domestic and international escrow product line. The startup says it manages over Rs 1,000 crore in transactions each month and offers escrow services to over 150 businesses.

“Our technology-driven team and platform have enabled us to think and plan like a huge organisation while executing like a startup, and this is important for the sector that we play in,” the company claims. We anticipate sustained rapid expansion with the help of this fundraising round, said Vineet Singh, Castler’s founder. According to a statement from Castler, the company has teamed with nine top Indian and international institutions to offer a variety of banking services.

Nithin Kamath, the creator of Zerodha and Rainmatter, stated that “Banks frequently struggle to run around operating escrow accounts, Castler is cooperating with them on their mission to address a real problem with escrow account solutions, which have numerous use cases in the financial transactions.”

Nithin Kamath of Zerodha launched Rainmatter, a company incubator that offers financial and tech startups workspaces, coaching, and capital between $100,000 and $500,000. Castler had previously secured $500,000 from Venture Catalysts, 9Unicorns, LetsVenture, and AngelList in a pre-seed round.

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