Trustmore Technologies Pvt. Ltd, which runs online platform Escrowffrr, has secured nearly INR 1.06 crore from online community platform, Inflection Point Ventures (IPV). The community platform essentially focuses on senior working professionals and Chief Financial Officers.
It will utilize the funds to grow its escrow business beyond real estate, VC Circle reported citing the companys official statement.
Escrowffrr was seeking to act as a trust enabler in the digital payment ecosystem, Ashwin Chawwla, Founder and CEO of Trustmore Technologies Pvt. Ltd, said in an interview with the cited media agency.
It allows users to set up and conduct transactions in a safe and secure manner through a digital escrow account. The company is currently focussed on the real estate sector, Escrowffrr said in its official statement.
Contract enforceability is very poor in India and as a result, transactions end up in litigation. We believe a unique solution like escrow will help in solving this pain, Chawwla said.
Escrowffrr was helping bridge the trust gap through its transparent and digital ecosystem, Sanjay Malhotra, IPV Investor, said in an interview with the cited media agency.
Trustmore, which was founded in 2014, claims that Escrowffrr, which is presently targeting on the NCR, is deciding to increase its presence to the major seven Indian cities through a business-to-business-to-consumer (B2B2C) plan. The company is also deciding to associate with search and discovery platforms in buyer decision drive.