After more than two years of raising $12 million in its Series A funding round, ClearTax — a Bangalore-based startup that offers online tax return filing and investment platform, has raised $50 million in its Series B round.
The latest funding round was led by Hong Kong-based Composite Capital, making this the fund’s maiden bet in the Indian market. With this Series B funding, the total amount raised by the company now stands at $65 million and counts Peter Thiel’s Founders Fund, SAIF Partners, and Sequoia Capital India, among its investors.
The newly raised capital will be used by ClearTax to accelerate its growth and expand its current offering of products and services for millennials on its platform. It is also planning to invest money in tech infrastructure and double engineering professionals.
In a statement, Kanush Chaudhary, Managing Director at Composite Capital, said:
We are excited to partner with the ClearTax team and support their continued growth. ClearTax continues to build exceptional solutions that simplify tax fillings for both individuals and businesses in India.
Archit Gupta formed the company in 2011, along with his CA father Raja Ram Gupta, Srivatsan Chari and Ankit Solanki. ClearTax helps individuals file their income-tax returns online in less than 10 minutes. Also, it was the first India-focused company to be backed by Y Combinator.
The startup’s offering includes GST and e-way bill software, along with business incorporation and compliance services for enterprises. In January this year, it launched a platform for tax saving and mutual fund investment.
The company claims to have served more than 2.5 million customers this year and is targeting to serve close to 4 million users by the end of this financial year, i.e. March 2019. It got a boost after the rollout of goods and services tax (GST) in July 2017. It claims to be working with over 25,000 CA firms and 100,000 businesses across sectors.
