Friday, July 19

Cleartax Raises 80 Cr From SAIF Partners

ClearTax , an online tax returns filing platform has raised another $12 million (Rs 80 crore) from SAIF Partners. The new round of funding will use to launch a slew of consumer-focused tax-saving products, including mutual funds and other equity-linked saving schemes. Also as part of the deal , managing partner at SAIF, has joined the board of ClearTax’s

“A typical agent is very bias. To solve for this, our products will be data driven, and completely transparent, to the extent that we will publish our commissions on the site itself,” co-founder and CEO Archit Gupta said.

“We are very excited to partner with Archit and team as they translate their market leadership in tax filing space to become one of the largest fintech platforms in India.”, Ravi Adusumalli said.

ClearTax which operates under the Defmacro Software has over 1 million consumers e-filing their tax returns.

Company’s next target is to bringing on board five million users, 75,000 CA firms and one lakh businesses by the end of the current fiscal year.

ClearTax helps individuals file their income-tax returns online in less than 10 minutes by uploading Form 16.

Recently, ClearTax has raised $2 million (Rs 13.3 crore) from FF Angel, and Sequoia Capital.

One97 Communications, the parent company of mobile digital payments and e-commerce platform Paytm also invested about $50,000 in Cleartax last year.

The company has also participated Silicon Valley-based startup accelerator Y Combinator’s programme in 2014. Some of the renown investors like PayPal co-founder Max Levchin, WhatsApp early member Neeraj Arora and Dropbox VP Ruchi Sanghvi also invested in Cleartax .