Neo-realty platform MYRE Capital partnered with Zerodha and Venture Catalyst-backed Castler, a digital escrow platform, to build a robust trust-based transaction platform for the emerging fractional real estate industry.
With over Rs 275+ crore worth of assets and 165+ million sq. ft. of A-Grade buildings under management, MYRE Capital plans to leverage Castler’s unique Escrow-as-a-Service architecture to build a trust Layer for its investors.
Castler said it will provide an end-to-end solution to MYRE Capital’s investors to protect their money until it is deployed to purchase an asset and to ensure secure monthly collection and payout to investors.
Raj Jain, CFO of MYRE Capital, said, “Digital-first Indian investors are looking for newer investment products with predictable returns, especially after COVID. Digital Trust is a key enabler for converting these savvy investors into new investment asset classes. Castler is building the epitome of Digital Trust, and we want to leverage their unique escrow products to grow our business exponentially.”
An escrow account is a financial arrangement where a third party, often a trusted agent or an escrow company, holds and regulates payment of the funds or assets involved in a transaction between two parties.
The third party holds the funds or assets until the transaction is completed, at which point they are released to the appropriate party. Globally, digital escrows are very popular in Western markets and are the go-to solution for all high-value transactions or for transactions with unknown parties where there is a trust deficit.
Commenting on the partnership, Vineet Singh, Co-founder & CEO of Castler, said, “As regulations become stricter, customers become more demanding, and entrepreneurs keep on building more and more innovative financial products, the need for a Trust Broker arises. Castler is building the trust layer on its unique digital escrow CRM for new-age businesses like MYRE Capital.”
“Castler has curated the entire operating system for this space so that new-age investment platforms like MYRE can focus on the core of their business (managing assets and investors) while Castler provides robust frameworks to safeguard investor funds. We intend to become a key enabler and partner of MYRE Capital as it continues to grow exponentially,” Vineet adds.
Source @Indianstartupnews
