Castler achieved more than 3X hike in revenue in FY24 rising to Rs 6.15 crore compared to Rs 1.63 crore in FY23.
Founded in 2020 by Vineet Singh and Dinesh Kumar, Castler is a digital escrow service provider platform for enterprises. It offers automated escrow account management to simplify complex payments and settlements. The Company claims to be the trusted escrow solution for over 600 enterprises.
The Delhi-based fintech has raised a total of Rs 60.70 crore in funding over 6 rounds, the latest funding was raised in September 2023 from a pre-Series A round led by Flipkart Ventures. The company currently stands at a valuation of over Rs 150 crore.
Castler competes with platforms such as Escrowpay and VouchPay. The company’s majority ownership lies with Vineet Kumar Singh at 30%, while 10% has been allocated to ESOPs. Other significant shareholders include Capital B and IIFL, each with over 7%.
With revenue rise, expenses also surged to Rs 9.36 crore in FY24, compared to over Rs 5 crore in FY23. Employee benefit costs made up over 50% of the total expenses. Followed by advertisements and legal and professional charges contributing significantly towards the expenses of the company.
Castler shrunk the losses by 6% to Rs 3.21 crore in FY24 compared to FY23.
The company’s current EBITDA margin and ROCE though still negative improved to -40.54% and -6.93% respectively.