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NEW DELHI: Escrowpay, a funds expertise firm, is trying to elevate a further Rs 120 crore as progress capital, stated a senior govt.
“We have raised 2 rounds in 2022 as part of our pre A2. We are already in talks with various investors to raise an additional Rs 120 crore as growth capital,” stated Ashwin Chawwla, founder & MD at Escrowpay, a pioneer in digital escrow options.
Escrowpay has set a a goal to succeed in 10,000+ SMEs over subsequent 12 months and provide them monetary optimisation by means of our digital escrow providers.
“We are expanding our reach and footprint through organic and inorganic spins. We work with 5 banks at the moment and onboarding more as we speak. Besides our own distribution efforts we also see bank partners as a relevant and exciting end node for distributing our solutions,” stated Chawwla.
The firm’s transaction processing quantity (TPV) went up 8X. Team dimension grew by 3X. SME rely went up by 5X. And its common dimension of transaction is a excessive of Rs 750,000. “Our TPV target for this financial year is Rs 10,000 crore,” stated Chawwla.
Escrowpay is within the technique of launching cross border funds stack with main companions and senior executives on the firm are hopeful that this may add substantial worth to all its stakeholders and purchasers.
When requested what prompted him to launch Escrowpay, Chhawla stated, “A few years ago before launching Escrowpay, in my previous entrepreneurial avatar I was executing a $500 million land transaction (the largest by far in Mumbai) where escrow was used to remove high trust deficit between parties. That was my ‘Eureka moment’ on why only large and listed companies get to use this product and how we can bring it down or democratise it to every SME/emerging business in India. 65 million SMEs struggle to get paid on time. Rs 200,000 crore is stuck in delayed payments.”
“India contract enforceability index is low, litigation never really is an option. Moreover, moving contingent money across rails and Escrow banking is archaic, completely branch driven and manual and there was a crying need for launching a solution that was seamless, digital and agile. That’s when I thought and decided that someone had to do the heavy lifting and thus began the initial sketch of launching Escrowpay- India’s first digital escrow platform, offering anytime and anywhere escrow solutions for businesses,” he stated.
“We have raised 2 rounds in 2022 as part of our pre A2. We are already in talks with various investors to raise an additional Rs 120 crore as growth capital,” stated Ashwin Chawwla, founder & MD at Escrowpay, a pioneer in digital escrow options.
Escrowpay has set a a goal to succeed in 10,000+ SMEs over subsequent 12 months and provide them monetary optimisation by means of our digital escrow providers.
“We are expanding our reach and footprint through organic and inorganic spins. We work with 5 banks at the moment and onboarding more as we speak. Besides our own distribution efforts we also see bank partners as a relevant and exciting end node for distributing our solutions,” stated Chawwla.
The firm’s transaction processing quantity (TPV) went up 8X. Team dimension grew by 3X. SME rely went up by 5X. And its common dimension of transaction is a excessive of Rs 750,000. “Our TPV target for this financial year is Rs 10,000 crore,” stated Chawwla.
Escrowpay is within the technique of launching cross border funds stack with main companions and senior executives on the firm are hopeful that this may add substantial worth to all its stakeholders and purchasers.
When requested what prompted him to launch Escrowpay, Chhawla stated, “A few years ago before launching Escrowpay, in my previous entrepreneurial avatar I was executing a $500 million land transaction (the largest by far in Mumbai) where escrow was used to remove high trust deficit between parties. That was my ‘Eureka moment’ on why only large and listed companies get to use this product and how we can bring it down or democratise it to every SME/emerging business in India. 65 million SMEs struggle to get paid on time. Rs 200,000 crore is stuck in delayed payments.”
“India contract enforceability index is low, litigation never really is an option. Moreover, moving contingent money across rails and Escrow banking is archaic, completely branch driven and manual and there was a crying need for launching a solution that was seamless, digital and agile. That’s when I thought and decided that someone had to do the heavy lifting and thus began the initial sketch of launching Escrowpay- India’s first digital escrow platform, offering anytime and anywhere escrow solutions for businesses,” he stated.
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