ClearTax a FinTech startup has raised $12 million in its Series A round of funding from SAIF Partners. The funds will be used to launch and built new products, to hire more than 100 engineers and built its team. It aims to increase its team size to 300 employees by the end of 2016.
It was founded by Archit Gupta, Srivatsan Chari, Ankit Solanki and Raja Ram Gupta in 2011. It offers services to their clients by helping them in filing tax returns, undertake servuce tax registration and incorporating companies. It claims to have over 1 million Indian tax payers who uses its platform.
Archit Gupta, founder & CEO of ClearTax said,
“Our Series-A investment is a strong validation of the ClearTax vision and demonstrates the clear market leadership ClearTax has. Instead of spending the capital raised on advertising, we’ll be investing in building world class technology products, and in top notch engineering talent from within India & Silicon Valley. As a founder, I’m deeply excited the impact fintech will have on India and I’m proud of our team for reaching this milestone.”
ClearTax has rasied more than $15 million in funding from various investors including Ruchi Sanghvi Vice President at Dropbox, Sequoia Capital, Max Levchin co-founder at PayPal, Neeraj Arora WhatsApp’s business head and serial investors Cyan and Scott Banister.
ClearTax will work on its deep learning and machine learning technologies to maker better decisions for their line of products. It will also be available for new line of products which will allow individuals to save taxes. The product is set to launch this July.