cleartax

Bengaluru-based financial technology startup ClearTax has raised $1.3 million in seed funding from a group of prominent Silicon Valley investors, a list that includes PayPal co-founder Max Levchin and Scott Banister, an early investor in Facebook and Uber.

Other investors who have participated in the round, include Naval Ravikant, founder of AngelList, the crowdfunding social network for early-stage investors; WhatsApp business head Neeraj Arora; and Ruchi Sanghvi, vice president - Operations at Dropbox; among others.

This is the first investment by Levchin in an Indian startup, The five year-old Bengaluru-based company will use the proceeds towards new product launches, expanding the size of its team, and further building its mobile strategy.

The company is in the process of launching new products, catering to SME and enterprise clientele, which will focus on invoicing and payroll. Its mobile app will be out next month as well.

Earlier this month, ClearTax had brought three senior Flipkart executives on board for various leadership positions across its technology functions. Prasanth Nair, a former director at Flipkart, joined as vice president-engineering, with Jai Santosh, who led the Flipkart Lite team, and Aakash Bapna, who was also roped in.

"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," Levchin said.

ClearTax is a technology company specializing in the ‘Tax’ domain. Its software helps individuals prepare and file their income tax return in the shortest time while maximizing their tax deductions. The company began its journey in 2011 and in 2014 it was incubated at Y Combinator. Currently it has 1.5 million users registered on its platform.

ClearTax's product line includes three type of products - ClearTax (Helps individuals e-file their income tax return in the shortest time while maximising their tax returns); ClearTDS (Provides organisations a cloud based platform to file TDS returns and generate Form 16 for employees) and TaxCloud (Designed for Chartered Accountant firms to help their clients file their tax returns and TDS returns).

The startup aims "is to delight our customers with simplicity, accuracy and getting rid of the notion that taxes are complex."

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