Working Steadfastly On Your Vision Is The Biggest Learning For All Entrepreneurs: Vineet Singh, Castler
Castler has raised an idea-stage pre-seed round of $500K from Venture Catalysts, 9Unicorns, LetsVenture, AngelList and Pointone Capital. To find out more about the company, BW Disrupt speaks to Vineet Singh, Co-Founder and CEO, Castler
Founded by startup veterans, Vineet Singh and Dinesh Kumar, Castler has achieved astronomic growth with a dedicated team of just 10 people. Vineet and Dinesh are seasoned operators & domain experts and built & scaled large Billion Dollar businesses.
The firm built the world’s first Digital Escrow Transaction Banking Suite and partnered with over 10 banks, leading Law firms and trusteeship companies to provide an end-to-end solution comprising Digital Escrow + Agreements & Contracts + Trusteeship Services. The 3-in-1 Castler Solution helps Enterprises save cost, time & resources in their usage of Escrow Banking.
Castler has raised an idea-stage pre-seed round of $500K from Venture Catalysts, 9Unicorns, LetsVenture, AngelList and Pointone Capital. To find out more about the company, BW Disrupt talks to Vineet Singh, Co-Founder and CEO, Castler.
Brief us about your company, its business model and operations.
Castler is a global escrow platform for enterprises offering domestic and cross-border escrow solutions. Founded by seasoned entrepreneurs and Ex-Info Edge executives, Vineet Singh and Dinesh Kumar, Castler offers a unique Escrow Management TSP solution for Enterprises and Banks. Operational since April 2021, the Company is the trusted escrow solution for over 150+ Enterprises and manages over INR 1000+ crores ($130 Mn) in transactions every month. Castler has recently raised $1 million in its seed funding round led by Zerodha's VC arm Rainmatter.
What are the unique key points (USP) of your company?
1. Instant Digital Escrow Account Creation with Digital KYC and e-Agreement
2. Access Control - Open, Own and Operate Model
3. Supports all Online and Offline Payment Methods
4. Lowest Cost Solution for Customers
5. India's 1st Escrow API Suite
6. Castler works for Any Industry and Any Transaction Use-Case
7. India's Cheapest Cross-Border Payment Solution
How are you different from the existing competitors?
We are an early mover in the escrow banking space. Hardly any competition.
What is the monetization model?
We offer a SaaS product with a fixed + variable fee model.
What challenges are you facing in running your business? We are facing the challenges which early mover faces - evangelisation, trust, credibility and security.
What is the market size and opportunity? Castler is solving for the existing $100 Billion Escrow Banking Market which is poised to grow to a $260 Billion Market by 2030.
What are your future plans, with respect to the Indian Market? Castler is looking at deepening its enterprise escrow banking product with more features and services. We also intend to launch our Retail product for consumers and MSMEs in the near future. We also intend to expand our bank partnerships to 25 Banks over the next 12 months. Our endeavour is to build a transaction banking-focused escrow banking solution for consumers and enterprises, for both domestic and cross-border transactions.
What has been the biggest lesson so far? Listening to "lots of NO" and taking it on the chin, retaining your faith & belief and keeping on working steadfastly on your vision is the biggest learning for all entrepreneurs, especially for early movers.