ClearTax a Bangalore based Fintech startup has raised Rs. 8.6 crore in its seed round funding from a group of silicon investors which includes Max Levchin co-founder of PayPal and Scott Banister an investor in Uber and Facebook.
ClearTax was founded in 2011 by Archit Gupta. It provides services to clients by helping them to file their tax returns, undertaking service tax registrations and incorporating companies, and some other facilities as well. It claims to have more than 1 millon users, 10k Chartered Accountancy firms and 5k small and medium enterprises as clients.
Max Levchin along with Elon Musk and Peter Thiel co-founded PayPal, the global online payments system. The funds will be utilised in team expansion and to enhanced their mobile technology. Some of the other investors were Neeraj Arora along with Ruchi Sanghvi business head of WhatsApp, Ryan Petersen Founder and CEO of Flexport’s. Y combinatory alum Sumon Sadhu. Naval Ravikant founder of Angel List and VP Operations at Dropbox.
Archit Gupta, CEO of ClearTax,
“We are in the process of launching new products, catering to our SME and enterprise clientele, which will focus on invoicing and payroll. Our mobile app will be out next month as well.”
Max Levchin one of the investor said
“ClearTax is the dominant market leader in taxes in India with a strong focus on consumers and SMEs. We strongly believe in the Indian market, where the median age is 25 and fin-tech products on the mobile will see deep adoption.”
This month the startup ClearTax have hired flipkart’s top executives who are now working in ClearTax’s board. Prasahant Nair joins as Vice President of ClearTax who used to be Flipkart’s Director. Akash Bapna and Jai Santosh have also joined ClearTax after leaving Flipkart.