Bengaluru-based ClearTax, the online income tax and GST return filing platform has raised $50 million (almost INR 368 crores) in a series B round of funding led by Composite Capital. The latest investment by the Hong Kong-based venture capital fund marks its very first investment in the country.
CleaTax has earlier raised $12 million in a series A round of funding from SAIF Partners two years ago. The startups plan to use the fresh capital to accelerate its expansion plans and improve the current offering. ClearTax also aims to improve its tech infrastructure and hire more engineering professionals.
ClearTax was founded by Archit Gupta, Ankit Solanki and Srivatsan Chari seven years back in 2011. The startup offers GST Filing tools, income tax solutions, mutual fund investments and investment and taxation guidance through its website and mobile apps. ClearTax already works with more than 25,000 chartered accountancy firms and 100,000 businesses across different industries.
Talking about the investment, 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 filings for both individuals and businesses in India.”
Competing with ETMONEY, Paytm Money, Cube Wealth, Groww, Scripbox, Moneyfront, Zerodha, and WealthTrust, the startup launched its mutual fund investment platform at the beginning of this year to help customers save tax and grow their capital. The fintech startup has served more than 2.5 million Indian customers and plans to help 4 million users in the upcoming years.
ClearTax is backed by Peter Thiel and Max Levchin, co-founders os PayPal, Founders Fund, Sequoia Capital, Naval Ravikant, founder of AngelList and WhatsApp’s Neeraj Arora. The startup has raised more than $65 million from these investors in total till date. Earlier this month, Mobikwik acquired Clearfunds, foraying into the wealth management segment.