New Delhi-based online tax filing and compliance startup ClearTax has raised $50 million (~₹300 crore) in Series B round of funding led by Hong Kong-based Composite Capital as it looks to expand its product and services offerings to customers on its platform.

The company plans to utilize the freshly raised capital 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.

Backed by Sequoia Capital India and Paypal co-founder Peter Thiel’s Founders Fund Angel, ClearTax had last raised $12 million in Series-A investment round led by Ravi Adusumalli of SAIF Partners, in June 2016. The startup has raised a total of $65.4 million in funding over six rounds including this one, which is largest of all.

Founded in 2011 by Archit Gupta, Srivatsan Chari and Ankit Solanki, ClearTax was the first Indian startup to be funded by Y Combinator. It also counts Max Levchin, Scott Bannister, Neeraj Arora, Ruchi Sanghvi and Naval Ravikant as investors.

ClearTax claims 2.5 million individual taxpayers utilised its service this year with millenials forming a majority of its user base. On the B2B front, over 100,000 businesses and 25,000 chartered accountant firms utilise its GST platform since the introduction of the scheme.

“With this new investment, we have more firepower to focus on our mission, accelerate our growth trajectory and continue to invest in technology and innovate our platforms to meet expanding customer needs,” said Archit Gupta, Founder and CEO of ClearTax, in a statement.

On this investment, 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 fillings for both individuals and businesses in India."

Launched in 2016, Composite Capital Management is an investment firm focused on consumer, technology and transportation companies globally. The firm has made three investments so far including ClearTax, which is its maiden bet in India.

Source - LiveMint

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