India’s first Digital Escrow Platform-Escrowpay closes Pre Series A2 round
ANI | Updated: Oct 18, 2022 18:14 IST
New Delhi [India], October 18 (ANI/NewsVoir): Payments technology firm and pioneers in digital escrow solutions, Escrowpay (Trustmore Technologies) has raised an undisclosed amount in its most recent Pre Series A2 capital raise round. As per sources this is part of the firm’s ongoing plans to raise a larger round of USD 15mn within the next few months to fuel its next round of growth and expansion.
The company currently offers digital escrow solutions to more than 500+ enterprises and businesses, including unicorns, listed enterprises, emerging digital first businesses across India and is now also planning to expand to key geographies overseas. Till now the current focus for the firm has been domestic transactions, cross border transactions will be the next big focus area. The company which also claims to be net cash flow positive, has seen rapid growth over the last 2 years. Starting its journey as a single-category; real estate-focused escrow solutions company it has managed to shore up quick and sizeable traction servicing multiple categories and use cases, driving efficiencies in collections and payments. Collaborating with multiple large best-of-breed RBI-regulated banks it has built an open architecture stack that offers an integrated and convenient solution for businesses and platforms. Besides seeing follow on investments from existing investors and some family offices such as CIL, the current round also saw participation from WFC- We Founder Circle, Angel List, JB Ventures etc. Existing investors includes some marquee angels and seasoned CXO angels and it is also backed by the likes of IPV Inflection point ventures, CC One Capital, Keiretsu Forum etc.
When contacted, Ashwin Chawwla Founder and Managing Director said, “We are not in a position to share exact details right now but yes; we are raising a larger investment round and will offer you all details on this as soon as we can. We have been conscious to raise so far and have focused on building the business ground up. Now that we are expanding and are keen to scale rapidly both within the country and overseas, we are looking at high-quality, like-minded partners and investors. We have been blessed so far and have some fantastic investors on the cap table who have consistently supported us. We remain firmly committed to driving value for our existing shareholders and also those who will continue to be part of this exciting journey.”
The Escrowpay digital stack built and developed in house offers instant identity checks for stakeholders on the platform, digital contracts and signatures, integrated banking, payment gateway and trusteeship services, pay-ins and pay-outs through an escrow mechanism connected to multiple payment rails. The company claims to have built an agile capital efficient model, led by a highly experienced management team. As a company they are targeting a TPV of over USD 2 Bn over the next 12 months and claims to have already clocked almost Rs 6,000 Cr plus of TPV.
Escrowpay originally started its journey as a consumer-focused digital escrow platform in the real estate category to protect buyers, sellers and agents in property transactions. However, being the first mover/pioneer in the segment and having evangelized digital escrow payments successfully the company was quick to pivot almost 2 years back during COVID-19 as a B2B / Enterprise focused “escrow as a service” platform, offering its solutions to companies who wanted to protect their collections and also transactions/payments on their platforms. Based out of Gurugram, It works in collaboration with multiple commercial banks, payment gateways and other ecosystem partners offering an agile and seamless solution to its customers.
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