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Castler Onboards Flipkart As An Investor

The investment is being made by Flipkart Ventures through its cohort-based Leap Ahead program

Castler Onboards Flipkart As An Investor

POSTED ON September 26, 2023 10:28 PM

Flipkart Ventures has invested $500,000 in the Pre-Series A round of Castler, India’s largest Escrow Banking Platform. With this investment, Castler has secured $5.5 million 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 would enable Castler to bolster its expansion strategy for both domestic and cross-border escrow services. The firm intends to establish partnerships with over 25 banks, targeting substantial growth in the coming years.

"Having Flipkart Ventures as an investor is a noteworthy accomplishment that 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 & CEO of Castler. 

Lubna Ahmed, head of Flipkart Ventures, said, “Flipkart has always been at the forefront of empowering the startup ecosystem in India. We are excited to witness the transformative journey of startups in India as they harness Flipkart’s resources and guidance to bring their innovative ideas to life. 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."

To further fuel its growth plans, Castler recently appointed fintech veteran Kumar Amit, ex-Razorpay, as co-founder & COO. The company’s aims to build a global escrow platform for both domestic and cross border transactions on the pillars of good governance and responsible execution. 

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