The News-
- ClearTax raises about Rs. 80 Cr in Series A funding round.
- SAIF Partners was the one to invest with one of the largest amount.
- Startup aims on online tax return filing process.
- Ravi Adusumalli, M.D., SAIF, has joined the board of ClearTax’s Delaware, USA-based entity ‘Software is Correct’.
Funds will be used to launch a lot of tax-saving products focusing the consumers such as mutual Funds, equity linked saving schemes.
About ClearTax-
- Owned by five year old Defmacro Software.
- Cofounded by Archit Gupta, his CA father Raja Ram Gupta,
Srivatsan Chari and Ankit Solanki. - Let users file their income-tax returns online in less than 10 minutes by uploading Form 16.
- ClearTDS is another service- cloud-based platform , letting firms file TDS returns and generate Form 16 for employees.
- TaxCloud is other product for Chartered Accountant firms, assisting their clients to file tax returns and TDS returns.
CEO says-
“A typical agent is very bias. To solve for this, our products will be data driven, and completely transparent, to the extent that we will publish our commissions on the site itself.”
Words from Investors-
Adusumalli said, “We are very excited to partner with Archit and team as they translate their market leadership in tax filing space to become one of the largest fintech platforms in India.”
Targets of 2016-
- Currently has 1 million+ consumers filing their tax returns through the platform.
- Targeting to bring 5 million users; 75,000 CA firms; and 1 lac businesses.
Competition-
This move of entering in online investment advisory segment, leads it to stand among startups like Inventus Capital and Faering Capital backed- FundsIndia, and World Bank’s investment arm IFC stake holding- Aditya Birla Group’s MyUniverse.
ClearTax was among the first domestic startups to participate in the prestigious Silicon Valley-based startup accelerator Y Combinator’s programme in 2014 and counts PayPal Cofounder Max Levchin, WhatsApp early member Neeraj Arora and Dropbox VP Ruchi Sanghvi among its investors.
