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MYRE Capital, one of the largest neo-realty platforms, has announced partnership with Castler, a digital escrow platform, to build a robust trust-based transaction platform for the emerging fractional real estate industry that is poised to make up a significant chunk of the Indian realty market in the near future.
With over ₹275 crore worth of assets and 165 million sq. ft. of A-Grade buildings under management, the MYRE Capital plans to leverage Castler’s unique escrow-as-a-service architecture to build a trust layer for its investors.
Backed by Zerodha and Venture Catalysts, digital escrow platform Castler has over 500 enterprise clients and over $500 million in transactions under management.
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.
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 and funds 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.
Vineet Singh, Co-founder and CEO, Castler said as regulations become stricter, customers become more demanding, and entrepreneurs keep on building 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 such as MYRE can focus on the core business while Castler provides robust frameworks to safeguard investor funds.
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