Pune-based Taxsutra Services Pvt Ltd, which owns and operates tax information portal TaxSutra, has raised Rs 2.5 crore in its third round of funding from existing investors V Balakrishnan and T V Mohandas Pai, former board members and CFOs of Infosys. Former tax head at IT firm Wipro Ltd P V Srinivasan also participated in this round of funding.
Founded in January 2011 by media professionals – Arun Giri, Ameya Kunte and Arun Anant, Taxsutra runs online subscription-based portals on direct tax, indirect tax, transfer pricing (TP) and corporate laws. It also provides real-time updates on developments and litigations from the Income Tax department, the CBDT and Finance Ministry. Its target audience mainly includes tax professionals, directors and policymakers.
In February 2015, the company secured $160,000 (around INR 1 crore) from former Infosys CFOs V Balakrishnan, TV Mohandas Pai and board members of Infosys. The startup raised Rs 50 lakh in angel funding from an undisclosed investor in December 2012.
Other players operating in this space are ClearTax, Hello Tax, TaxSmile, TaxSpanner and HRBlock among others. ClearTax raised $12 million (over Rs 80 crore) in Series A funding in June last year led by Ravi Adusumalli of SAIF Partners. Also in June 2015, Delhi-based Hello Tax secured angel funding from a high-profile investor.
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