Escrowpay, India’s first digital escrow platform, is looking forward to raising additional funding of Rs 120 crore as growth capital. In the year 2022, the company raised 2 rounds of pre- A2 funding. The company has witnessed 8X growth in its transaction processing volume (TPV), with the average size of the transaction of Rs. 750,000, and eyeing to achieve Rs10,000 crore as its TPV target for the financial year 2023.
Escrowpay is expanding its footprint through organic and inorganic spins. The team size of the company has grown by 3X, and the SME count has gone up by 5X. The company is currently working with 5 banks and is in the process of on boarding more. Additionally, the company has set a target to reach 10,000+ SMEs over the next 12 months and offer them financial optimization through our digital escrow services.
Ashwin Chawwla, Founder & MD, Escrowpay, said, “Moving contingent money across rails and Escrow banking in India was archaic, completely branch driven and manual, which enabled us to come up with a solution that was seamless, digital and agile. By introducing Escrowpay, we are building a trust-based ecosystem which will not only be beneficial to large and listed companies but also will empower emerging businesses in India. We are looking forward to raising the fund and taking the escrow solutions to new levels and across various business sectors.”
Furthermore, Escrowpay is in the process of launching a cross-border payments stack with leading partners, which will add substantial value to all its stakeholders and clients.
Escrowpay to raise in excess of 120 crores to fuel its growth and expansion plans