Growth & Development Beckons ClearTax

Who raised how much funding?

ClearTax, a tax filling platform, on Thursday announced about raising $12 Million in Series A funding from SAIF Partners. This announcement has come just weeks after they raised $2 Million in pre-Series A round funding from Silicon Valley-based founders fund and Sequoia Capital.

Archit Gupta, founder and CEO of ClearTax, plans on using these funds to hire senior management team and develop newer products.

Who all invested in the firm?

From the past two months, ClearTax has raised over $15 million from various investors like Max Levchin, Co-founder of PayPal; serial investors Scott and Cyan Banister; Ruchi Sanghvi, Vice President of DropBox; Whatsapp’s Business Head, Neeraj Arora; Founder’s Fund and Sequoia Capital.

Where will the funding be used?

ClearTax wants to utilize the funds in three major fields, which include bringing out new products, expansion of existing offerings and hiring more talent for the company. The products of the company include B2C tax filing platform and ClearTax for individuals. As for the B2B customers, the platform offers ClearTDS for TDS returns and TaxCloud for CAs and enterprises to file their tax returns.

What else is the company is going to do?

The company is expanding their existing offerings and working on machine Learning and deep learning technologies to add better predictability and decision making capabilities to their line of software products. This feature will also be seen in their new product, Tax Savings, which will optimize and guide an individual to save taxes. The product is already being tested by few hundred users on the platform and is ready to launch this July.

Takeaways:-

• ClearTax, a tax filling platform, announced about raising $12 Million in Series A funding from SAIF Partners.
• ClearTax had recently raised over $15 million from various investors.
• The startup is developing deep learning and machine learning technologies for their software-based products.