ClearTax, the Bangalore-based Online Income Tax filing and Investment Platform has announced that it has raised an amount of Rs 368 crore ($50 million) in the funding round of series B led by Composite Capital.
This funding comes almost two years after the startup had raised Rs 90 crore in Series A round led by the SAIF partners in the year 2016. The startup is planning to use the fund to accelerate its growth, expand its current offering of products and services, and also to reinforce its tech infrastructure and hire more engineering professionals in the coming days.
ClearTax was founded by Srivastan Chari, Ankit Solanki, and Archit Gupta in the year 2016. It was the first Indian startup to be funded by Y Combinator in 2014. It offers income tax solutions, GST, and mutual funds investments. It has started the Mutual Fund Investment Platform recently with an aim to help its users to build on tax saving, assets, and investments.
Kanush Chaudhary, Managing Director at Composite Capital, said, “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.”
Picture Credits: ClearTax