Online tax filing and compliance startup ClearTax has secured $50 million in its Series B round led by Hong Kong-based Composite Capital.
The fresh capital will be utilised to accelerate growth and expand its current offering of products and services for millennials on its platform. Besides, the startup also plans to invest in tech infrastructure and fresh hiring in the engineering field.
Founded in 2011 by Archit Gupta, Srivatsan Chari, and Ankit Solanki, ClearTax offers tax filing platform in B2C for individuals. On the B2B side, it helps CAs and enterprises to file their tax returns.
ClearTax claims to have served over 2.5 million customers in 2018 and is eyeing close to 4 million users by March 2019. On the B2B front, over 100,000 businesses and 25,000 chartered accountant firms utilise its GST platform after it rolled out the scheme in July 2017.
Earlier, ClearTax had raked in $12 million in its Series A round in June 2016 and counts Y Combinator, SAIF Partners, Founder’s Fund and Sequoia Capital as its major investors.
Besides, tax filing, the startup had also launched a mutual funds product— ClearTax Invest. With the fresh capital infusion, it is eyeing to enhance its reach and offering in mutual fund space as well.
myITreturn, Taxsmile, FilingMantra, Taxspanner are some notable startup in this segment.