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Online tax filing and investment platform ClearTax has raised around $50 million (around ₹365 crore) funding in Series B led by Composite Capital.
In previous rounds, the ClearTax had raised $12 million in a Series A round of funding led by Ravi Adusumalli of SAIF Partners in June 2016, about $2 million in a pre-Series A round from PayPal co-founder Peter Thiel’s Founders Fund Angel (FF Angel) and Sequoia Capital and $1.3 million from Silicon Valley investors, including PayPal co-founder Max Levchin.
The company plans to use funds to accelerate its growth-led by the focus on taxes, expand suite of products, to invest aggressively in R&D and tech development and acquisitions, according to Archit Gupta, founder of ClearTax.
Apart from letting users file income-tax on its portal, ClearTax offers a wide range of solutions including its GST and E-waybill Software, business incorporation and compliance services for businesses and mutual fund investments for consumers.
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