India’s Digital Escrow Platform Escrowpay Seeks Additional Funding of Rs 120 Crore to Fuel Growth
- ByStartupStory | April 3, 2023
Escrowpay, India’s first digital escrow platform, seeks to raise an extra Rs 120 crore as growth capital. This follows the company’s two rounds of pre-A2 funding in 2022. The company has experienced an 8-fold increase in transaction processing volume (TPV), with each transaction averaging Rs. 750,000. The company aims to achieve a TPV target of Rs 10,000 crore for the fiscal year 2023. Escrowpay is expanding organically and inorganically by increasing the size of its team by 3 times and the number of small and medium enterprises (SMEs) by 5. The company currently works with 5 banks, with plans to onboard more, and aims to reach over 10,000 SMEs in the next 12 months by providing them with financial optimization through digital escrow services.
Ashwin Chawwla, Founder & MD, Escrowpay, said, “Moving contingent money across rails and Escrow banking in India was archaic, completely branch driven and manual, which enabled us to come up with a solution that was seamless, digital and agile. By introducing Escrowpay, we are building a trust-based ecosystem which will not only be beneficial to large and listed companies but also will empower emerging businesses in India. We are looking forward to raising the fund and taking the escrow solutions to new levels and across various business sectors.”
In addition, Escrowpay is currently developing a cross-border payments stack with top partners that will significantly benefit all of its stakeholders and customers.
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