Bangalore-based ClearTax, an online platform providing solutions for Income Tax filing, GST and Mutual Fund Investments, is in talks with New York-based Tiger Global to lead a $100 million funding round, said a report by Economic Times, citing three people with direct knowledge of the development.

The possible fund raising is expected to value ClearTax at $750-$850 million, where Tiger Global is likely to lead the round investing $60 million, while the rest will be contributed by the existing investors of 10-year-old ClearTax, the report said.

ClearTax will use the funds to accelerate growth and expand its product basket, said the report citing one its sources.

ClearTax is the first Y-Combinator funded company of India and counts Max Levchin, founder of Paypal, Vijay Shekhar Sharma of Paytm, Neeraj Arora of Whatsapp and Peterson of Flexport as its mentors and Investors.

In 2019, the company raised $50 million (Rs 400 crore) in a Series B funding round led by Composite Capital. Its other investors include Elevation Capital, Sequoia Capital India, Paypal co-founder Peter Thiel’s Founders Fund and Naval Ravikant’s AngelList.

Founded in 2011 by Archit Gupta, Srivatsan Chari and Ankit Solanki, ClearTax  offers solutions, including GST and e-way bill software, along with business incorporation and compliance services for enterprises. It also launched a platform for tax savings and mutual fund investment in January 2020.

In 2018, ClearTax acquired TOOTL app that helps to personalize content.

Post a Comment

Previous Post Next Post
Like this content? Sign up for our daily newsletter to get latest updates.