ClearTax raises $50 million in series B funding from Composite Capital

ClearTax intends to use the funds raised to accelerate its growth, invest in technology and innovate its platforms to meet expanding customer needs.
ClearTax raises $50 million in series B funding from Composite Capital
ClearTax raises $50 million in series B funding from Composite Capital
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One of India’s leading investment advisory and tax e-filing platforms, CleatTax has secured funding of $50 million. This is the company’s Series B funding round and the investors in this round are led by Composite Capital.

ClearTax has said the freshly inducted funds will be utilized in taking the company through a faster trajectory in terms of growth and to bring in more innovation in the way the platform provides its online services to customers throughout the country. New products may find their way to the platform in the coming days.

While ClearTax is quite popular with individual tax payers who use its platform to file their tax returns online, the startup has desks to help businesses in several other areas as well. These include offering a wide range of solutions that include GST & E-waybill Software and Business Incorporation and Compliance Services for businesses and Mutual Fund Investment Platform for consumers. This is done through having experts offer solutions to customers’ problems, for which ClearTax has tied up with 25,000 Chartered Accountants (CAs).

As many as 2.5 million tax payers have used ClearTax to file their IT returns, the company claims. In the business category, where GST related services are availed, over 100,000 businesses from diverse sectors have benefited from the solutions provided by ClearTax.

“ClearTax’s mission is to simplify taxes and finances for India. People struggle with filing and saving on taxes. Our ClearTax solution is unique because it helps users e-file and save on taxes in 4 easy steps. Our GST platform enables companies and CA firms of all sizes to effortlessly comply with all aspects of the Government’s GST regulations.  With this new investment, we have more firepower to focus on our mission, accelerate our growth trajectory and continue to invest in technology and innovate our platforms to meet expanding customer needs,” Archit Gupta, Founder and CEO of ClearTax said in a statement.

ClearTax was the first India-focused company to be funded by Y Combinator. Its investors include SAIF Partners, Founder’s Fund and Sequoia Capital.

“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,” said Composite Capital’s Managing Director, Kanush Chaudhary.

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