Online tax return-filing and investment platform ClearTax, the Bangalore-based startup has secured a $54 million (Rs 400 crore) fresh investment after more than two years. The fresh financing comes from Hong Kong based investment firm Composite Capital Management. Existing investors, Sequoia Capital, and SAIF Partners are also said to be infusing capital again but the confirmation for the same was not available as yet.
The fresh capital raise takes the total amount raised by the company to $69.7 million. SAIF Partners, Founders Fund, Naval Ravikant, Ruchi Sanghvi, Neeraj Arora, and Scott Banister are few of the top names whom the firm counts as investors who had infused capital in earlier seed and Series B investment. The company intends to use the latest investment to speed up the growth, work on its product and tech platform apart from working to scale up their ongoing operations across the country.
Started in 2011 by Archit Gupta, the company had attended the summer class of Y Combinator in 2014. The company offers e-filing of income tax returns, mutual fund investment portal, GST details, and digital signature certificate as their main business. The company claims to have more than 2.5 million users, 20,000 chartered accountants and tax professionals using the platform. It further says that about 3.6 lacs businesses use the platform for GST filing where 22,000 chartered accountants and professionals use the platform.
Composite Capital's managing director Kanush Chaudhary talking about the infusion in the Bangalore-based firm said, “We are excited to partner with the ClearTax team and support their continued growth. ClearTax continues to build exceptional solutions that simplify tax filings for both individuals and businesses in India."
Image Courtesy : Cleartax