ClearTax, an income tax return e-filing platform and investment platform announced on Tuesday that the company has raised $50 million ( about Rs. 300 crores) in a Series B round led by Composite Capital.
The last time ClearTax raised funds was in June 2016, it 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.
The company plans to make use of the funding 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.
“We are excited to partner with the ClearTax team and support their continued growth. ClearTax continues to build exceptional solutions that simplify tax filings for both individuals and businesses in India,” Kanush Chaudhary, managing director at Composite Capital, said in a statement.
ClearTax was founded in the year 2011 by IIT Guwahati alumnus Archit Gupta, chartered accountant Raja Ram Gupta, BITS Pilani computer science graduate Srivatsan Chari and Mumbai University computer science graduate Ankit Solanki. Gupta is currently the CEO of the firm while Chari and Solanki look after operations and technology, respectively.
“The further focus would be to help consumers who are typically younger (20-30 years) build on assets, tax saving and investing… Such people are very suitable for personal financial advisory as we scale and grow,” Archit Gupta, said in a statement to LiveMint.
Apart from online tax return-filing facility, the firm provides various services like mutual fund investment portal, Goods and Services Tax (GST) software, an EWayBill generator, digital signature certificate (DSC) utility and business compliance services.
ClearTax claims to have more than 2.5 million users in India and over 20,000 chartered accountants and tax professionals and thousands of businesses use the platform to file their tax returns online.