Taxsutra, a digital information portal, has today announced that it has raised ₹2.5 crore in its third round of funding from existing investors T V Mohandas Pai and V Balakrishnan, along with P V Srinivasan, former Wipro taxation head.
Along with them, a few other existing and new investors have also poured in money in this round. Last year, the company had received around Rs. 1 crore from T V Mohandas Pai and V Balakrishnan.
Taxsutra was co-founded in the year 2011 by three media and tax professionals — Arun Giri, Ameya Kunte and Arun Anant. The platform is running six online subscription based portals on direct tax, indirect tax, transfer pricing, corporate laws and accounting/auditing standards — all targeted at businesses.
According to the company, since the last round of funding, its revenues have more than doubled. It is now employing 40 professionals. The company said:
We hope to continue to set high benchmarks in the digital information space. The strategic inputs of Mr Balakrishnan and Mr Pai have added immense value to the company, both in terms of vision as also specific product ideas.
The company says that around 10,000 professionals receive its daily alerts. Among its subscribers, the company counts a few Fortune 500 companies, MNCs, tax firms, law firms and regulators. Speaking on the investment round, V Balakrishnan, co-founder of the company, said,
We are delighted with the growth curve of Taxsutra and its high quality editorial products that are relied on by tax professionals, corporate decision makers and legal eagles.
Taxsutra provides that critical information backed by a high-quality team of founders and professionals. The portal provides insights on compliance and regulatory landscape in the country and overseas. It also provides real-time information and analysis on taxation and corporate law.
This funding round will enable them to compete against the likes of other tax platforms such as Tax2Win, Moglix and others.