Online tax returns filing platform ClearTax, has raised $2 million (Rs 13.3 crore) from FF Angel, and Sequoia Capital. The company will use the proceeds from the round to launch a slew of consumer-focused tax-saving products, including mutual funds and other equity-linked saving schemes.
“We have taken the long route, and now we are extremely excited to have some of the biggest thought leaders and investors on board as our partners,” Archit Gupta, co-founder of Cleartax said. “We are an instrument-agnostic platform that will allow consumers to choose their rate of return and select what to have in their tax savings basket.”
ClearTax has over 1 million consumers e-filing their tax returns, and the company is targeting bringing on board 5 million users by the end of the current fiscal, and recording transactions worth $1 billion over the same period.
One97 Communications, the parent company of mobile digital payments and e-commerce platform Paytm also invested about $50,000 in Cleartax last year.
FF Angel founded by Peter Thiel, Ken Howery and Luke Nosek in 2005 also invested in Unicorns likes Palantir, SpaceX, Airbnb, Spotify and Lyft.