India's First Digital Escrow Platform-Escrowpay Closes Pre Series A2 round

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 US $ 2 Bn over the next 12 months and claims to have already clocked almost INR 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.