JOIN USClocr raises Rs 3.7 crore, eyes strategic partner for India
Delhi: Digital vault service Clocr has raised Rs 3.7 crore through crowd-funding as it aims to expand operations in India.
Launched by a father-and-daughter duo, Clocr allows its subscribers to organise digital assets ranging from social media accounts to banking and financial details, identify their heirs, and provide these heirs access to the digital legacies of their loved ones.
“We have raised more than USD 500,000 (Rs 3.7 crore) in our seed funding round. Later, we would be seeking strategic partnerships from fin-tech companies or legal tech companies. That will help us reach consumers faster,” Sree Chintala, founder of Clocr told DH.
Founded on November 18, 2018, Clocr offers customisable onboarding and digital vault with proprietary, patent-pending, multi-layered security protocol, built on IPFS and blockchain concepts.
“Customisable onboarding makes it easy to create more than 150 of the most used online accounts and create alerts if one’s estate becomes incomplete, beneficiaries deny a bequest, or if any account is disbursed due to incapacity or death,” Chintala said.
However, in case of banking accounts or crypto-currencies, the company only offers to share details about the account, but not facilitate transactions due to tax laws.
“We will allow users to document all their online accounts, even banking and designate their nominees. But, what happens if we have a nominee for a bank account and beneficiaries within the banks are different. Then it gets into litigation,” Chintala said.
The company also has a Time Capsule option where users can capture memories, messages, advice to pass on to their loved ones. The Digital Estate Solution with an easy-to-use online tool to create a will for digital assets offers to set up, manage, and pass-on all digital assets the legal way.