Funds to be utilized to accelerate growth and innovation on the ClearTax platform
ClearTax, India’s leading tax e-filing and investment platform, today announced that it has completed a $50 million Series B round of financing led by Composite Capital to further accelerate growth and expand the suite of products and services on its platform.
As India’s largest and fastest-growing tax e-filing and compliance service provider, ClearTax offers a wide range of solutions including its GST & E-waybill Software and Business Incorporation & Compliance Services for businesses and Mutual Fund Investment Platform for consumers. More than 2.5 million individual taxpayers used ClearTax services this year with millennials forming a majority of the ClearTax user base. Since the launch of the Goods and Services Tax (GST) in July 2017, ClearTax’s specialized GST platform has grown rapidly to become the industry’s leading compliance solution, working with 25,000 CA firms and over 1 lakh businesses across all sizes and sectors.
“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,” said Archit Gupta, Founder and CEO of ClearTax.
“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.
ClearTax was the first India-focused company to be funded by Y Combinator. Its investors include SAIF Partners, Founder’s Fund and Sequoia Capital.
Founded in 2011 by Archit Gupta, Srivatsan Chari and Ankit Solanki, ClearTax is India’s leading fintech company serving consumers, businesses and CA firms. The ClearTax mission is to simplify financial lives.
For consumers, ClearTax helps with taxes and wealth creation by providing a super-simple tax filing, tax savings and investment platform. Businesses of all sizes and CA firms use the ClearTax GST platform for complying with GST in India. ClearTax also provides businesses with company registration, E-waybill and GST-invoicing software to improve the ease of doing business in India.