Castler, an escrow services provider in India, has launched CastlerCode, the country’s first cloud-native source code escrow solution. It offers a secure and efficient method for businesses to protect their software’s intellectual property and ensure business continuity.

CastlerCode uses advanced cloud technology to store and manage critical software and source code, making it accessible only to authorized parties during specific trigger events. This solution enhances security, accessibility, and scalability without the need for physical storage or manual processes.

Vineet Singh, Founder and CEO of Castler, said, “Our solution combines the convenience of cloud technology with the robust security and reliability that our clients have come to expect from Castler. We are confident that this offering will revolutionise the way businesses approach source code escrow in India.”

The global software/source code escrow market is growing rapidly, with a projected CAGR of 20% and expected to reach $30 billion by 2030. Castler partnered with AWS to ensure the highest standards of security, reliability, and compliance were maintained for this solution.

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The market is set for substantial growth in India after RBI’s notification, dated November 7, 2023, mandating software escrow for all regulated entities. Another notification, dated July 30, 2024, mandated non-bank PSOs to escrow source codes.

CastlerCode’s clients consist of public and private sector banks and NBFCs, all mandated by the RBI to escrow critical applications. This solution serves businesses of all sizes across various industries.

“With our cloud-based offering, we aim to provide a scalable and cost-effective solution that gives our clients peace of mind and helps them focus on their core business objectives,” Singh added.