Neo-reality Platform MYRE Announces Its Partnership With Zerodha-backed Castler
MYRE Capital plans to leverage Castler's unique Escrow-as-a-Service architecture to build a trust Layer for its investors
MYRE Capital, India's first and largest neo-realty platform, has announced its partnership with Castler, a digital escrow platform, to build a robust trust-based transaction platform for the emerging fractional real estate industry that is poised to make up a significant chunk of the Indian real estate market in the near future.
With over INR 275 crore worth of assets and over 165 million sq. ft. of A-Grade buildings under management, MYRE Capital plans to leverage Castler's unique Escrow-as-a-Service architecture to build a trust Layer for its investors. Castler will provide an end-to-end solution to MYRE Capital's investors to protect their money until it is deployed to purchase an asset and to ensure secure monthly collection and payout to investors.
Raj Jain, CFO of MYRE Capital, stated, "Digital-first Indian investors are looking for newer investment products with predictable returns, especially after COVID. Digital Trust is a key enabler for converting these savvy investors into new investment asset classes. Castler is building the epitome of Digital Trust, and we want to leverage their unique escrow products to grow our business exponentially."
An escrow account is a financial arrangement where a third party, often a trusted agent or an escrow company, holds and regulates payment of the funds or assets involved in a transaction between two parties. The third party holds the funds or assets until the transaction is completed, at which point they are released to the appropriate party. Globally, digital escrows are very popular in Western markets and are the go-to solution for all high-value transactions or for transactions with unknown parties where there is a trust deficit. Castler is the pioneer and the largest player in this space in India.
Commenting on the partnership, Vineet Singh, Co-founder and CEO of Castler, said, "As regulations become stricter, customers become more demanding, and entrepreneurs keep on building more and more innovative financial products, the need for a Trust Broker arises. Castler is building the trust layer on its unique digital escrow CRM for new-age businesses like MYRE Capital. Castler has curated the entire operating system for this space so that new-age investment platforms like MYRE can focus on the core of their business (managing assets and investors) while Castler provides robust frameworks to safeguard investor funds. We intend to become a key enabler and partner of MYRE Capital as it continues to grow exponentially."
Castler, backed by Zerodha and Venture Catalysts, is India's largest digital escrow platform, with over 500 Enterprise Clients and over $500 million in transactions under management.
The partnership between MYRE Capital and Castler is expected to bring significant benefits to HNI investors looking at building and diversifying their investment portfolios with curated Real Estate opportunities. In addition, the collaboration will help build a robust trust-based transaction platform and create newer investment products with assured returns for savvy investors.
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