ClearTax raises Rs 300 crore, to utilise funds for expansion

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ClearTax, a startup that helps individuals prepare and e-file their Income Tax Return online, raised Rs 300 crore ($50 million) in a Series B round led by Composite Capital.

ClearTax, previously raised $12 million from SAIF Partners along with $2 million in seed funding from Sequoia Capital India, and Paypal co-founder Peter Thiel’s Founders Fund Angel in 2016.

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The Bengaluru-based startup is backed by Silicon Valley-based angel investors, including PayPal co-founder Max Levchin, WhatsApp’s business head Neeraj Arora, Scott Bannister and Cyan Bannister and AngelList founder Naval Ravikant, among others.

“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,” Kanush Chaudhary, managing director at Composite Capital, said in a statement.

Founded in 2011 by Gupta, Srivatsan Chari and Ankit Solanki, ClearTax was the first India-focused company to be funded by Y Combinator.

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The company plans to utilize the capital to accelerate growth and expand its current offering of products and services for millennials on its platform. It also plans to invest in tech infrastructure and double engineering professionals with the new round of investment.

The company offers solutions, including GST and e-way bill software, along with business incorporation and compliance services for enterprises. It also launched a platform for tax saving and mutual fund investment in January this year.

 

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