Escrowffrr, an early-stage venture focussing on escrow services and digital payments platform has raised $150,000 from Inflection Point Ventures, an Angel investment firm founded in 2017.
The investor said in a release, “Escrowffrr currently is focussed on real estate and plans to utilize the funds raised through IP Ventures to grow their escrow business beyond real estate as a category.”
Escrowffrr platform, owned and operated by Trustmore Technologies is supported by banks like ICICI Bank and Axis Bank which allows the users to set up and transact in a secure manner using a digital escrow account.
“Escrowffrr helps address the vital element of creating a platform of trust for concluding the transaction, which is a real need today, especially in real estate transactions. The risks perceived around the safety of advance payments and original documents are eliminated,” said Sanjay Malhotra, an IP Ventures investor member.
Escrowffrr is currently operating in Delhi-NCR and seeks to soon expand to the top 7 cities in India. The company focusses on a B2B2C go to market strategy and plans to build its own network of trust advisors and channel partners that currently stands at over 500.
“Contract enforceability is very poor in India and as a result, transactions end up in litigation. Escrowffrr wants to lead and act as an enabler of trust amidst the ‘Trust Deficit’. We believe a unique solution like escrow will help in solving this pain,” said Ashwin Chawla, Founder & CEO, Escrowffrr.