New Delhi, December 27, 2023: Escrowpay, India’s digital escrow platform pioneer, is thrilled to announce the successful closure of a $600 thousand capital raise from its existing investors. This funding signifies the unshakeable confidence stakeholders place in the company’s vision, strategic trajectory, and potential for sustained growth. With this latest injection, the total funds raised stand at an impressive $6.6 million, further propelling the ongoing Series A round aiming for $15 million.
A notable achievement for Escrowpay is securing the first digital escrow regulatory fintech authorization from IFSCA, Gift City. This milestone underscores Escrowpay’s commitment to compliance and innovation in digital payments, recognized globally with the prestigious ‘Best Escrow Platform Asia 2023’ award from Global Financial Markets, UK.
Currently catering to over 3000 clients, including SMEs, unicorns, listed enterprises, and emerging digital-first businesses across India, Escrowpay has processed transactions exceeding Rs. 15,000 crore. The fresh capital infusion strategically propels Escrowpay’s initiatives, supports key growth areas, and fosters innovation within the payments ecosystem. As part of its expansion plans, Escrowpay is intensifying its focus on cross-border transactions, extending its presence to overseas geographies like UAE and the UK. The groundwork for this expansion is underway, emphasizing the company’s commitment to meeting global-scale client needs.
A significant development is the introduction of BizSuraksha, an industry-first ‘on-the-go and on-demand escrow’ digital solution. This self-serve platform empowers startups and SMEs to secure collections and payments seamlessly. Addressing the specific needs of less tech-savvy businesses, BizSuraksha ensures a streamlined and efficient cash flow equilibrium for sustained business growth.
Ashwin Chawwla, Managing Director of Escrowpay, expressed gratitude for the continued support from existing investors, stating, “Since 2015, we’ve relentlessly built to digitize cash optimization solutions. This capital infusion positions us well for the next growth phase, allowing us to execute our strategic vision and deliver exceptional value to customers and stakeholders. With the launch of BizSuraksha, Escrowpay delivers an innovative ‘on-demand’ digital escrow solution for smaller businesses that are not tech-savvy or lack their own tech team.”
Escrowpay enjoys backing from notable investors, including Bennett Coleman & Co. Ltd, Tano India Opportunities Fund, Zenith Global Group, We Founder Circle, Angel List, JB Ventures, Angel List, Inflection Point Ventures, Chhattisgarh Investments, and top CXO angels.
