Ecommerce major Flipkart has participated in USD 6 million in Castler in the Pre-Series A round funding. With this investment, Castler has secured fresh funding in its Pre-Series A funding round which was led by Capital 2B an Info Edge Fund, IIFL Fintech Fund and other key investors.
This recent investment enables Castler to expand its domestic and cross-border escrow services expansion strategy. The firm intends to establish partnerships with over 25 banks, targeting substantial growth in the coming years. Founded in 2021 by Vineet Singh and Dinesh Kumar, Castler has become the escrow solution for over 500 enterprises, handling monthly transactions exceeding Rs 5,000 crore. It deals with evolving business models, complex transaction flows, identity verification, fraud management and customer protection, providing a robust solution in the dynamic financial landscape.
"Having Flipkart Ventures as an investor underscores Castler's strong performance and cements our pole position in the escrow banking industry. We have everything in place now to execute and build a large business," said Vineet Singh, Co-Founder and CEO of Castler.
Lubna Ahmed, Head of Flipkart Ventures, said, “We are pleased to invest in Castler as it continues to fuel innovation and growth in its industry. The investment is being made by Flipkart Ventures through its cohort-based Leap Ahead program."
Castler recently appointed fintech veteran Kumar Amit, ex-Razorpay, as Co-Founder and COO. The company plans to build a global escrow platform for both domestic and cross-border transactions on the pillars of good governance and responsible execution.