Global escrow banking solution provider Castler has raised $1 million from Zerodha’s venture capital arm Rainmatter, with participation from Venture Catalysts, 9Unicorns, Faad Network and LetsVenture.

Castler will use the funds to further expand its domestic & cross-border escrow product portfolio, and is expected to go live with 10 more banks. The startup also plans to grow its business by 10x over the next year, according to the company statement.

Founded by Vineet Singh, Dinesh Kumar and Ritesh Tiwari in January 2021, the Delhi-based startup offers domestic and cross-border escrow solutions, escrow management solutions for enterprises and banks.

“Our simplified, technology fuelled platform and high-calibre experience allows us to think like a large organisation but execute like a startup. With this funding, we will look to grow further, ” said Vineet Singh, founder of Castler.

Commenting on the investment, Nithin Kamath, founder of Zerodha & Rainmatter, said, “Castler is solving a real pain point around escrow account solutions, which have multiple use cases across financial transactions. We’re excited to partner with them.”

In July 2021, the startup launched the country's first white-label digital escrow solution Castler SmartEscro to make financial transactions safe and secure.