ClearTax raised $50 million dollars led by Composite Capital
It’s time to celebrate! ClearTax just raised $50 million dollars led by Composite Capital, an investment management company based in Hong Kong. We are the first Indian company to have been funded by Composite Capital and we would like to thank them for showing confidence in us.
“We are excited to partner with the ClearTax team and support their continued growth. ClearTax continues to build exceptional solutions that simplify tax filings for both individuals and businesses in India.” – Kanush Chaudhary, Managing Director at Composite Capital
In the past, we have partnered with SAIF Partners, Sequoia Capital India, Paypal co-founder Peter Thiel’s Founders Fund Angel, WhatsApp’s business head Neeraj Arora; Scott Bannister and Cyan Bannister, AngelList founder Naval Ravikant and our first funding by Y Combinator. This helped us scale our products to new heights and develop a robust ecosystem that has been recognised as a front-runner in the Indian fintech market.
“ClearTax mission is to simplify taxes and finances for India and 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.” – Archit Gupta, CEO and founder, ClearTax
ClearTax plans to use the funds across three major domains
Business – Accelerate the growth trajectory of the platform by acquiring more businesses and consumers
Engineering – Upgrade our infrastructure and teams to deliver value additions in products and services
Sales and Marketing – Push for further sales and marketing of the platform
The immediate plans are to focus on consumers who are typically younger (millennials) and help them build on assets, tax saving and investing. The investment platform has been an exciting sector to venture into. We understood from our consumers that tax filing was a critical problem for them during the season, but the larger narrative through the year was tax saving. Hence, we thought of the investment platform as a natural foray and are extremely excited to see this through.Finally, we would like to thank all of you who have supported and trusted ClearTax and making us the front-runner in the Indian fintech market. With your help, we have been a beloved partner for everything tax and finance. So, for the bottom of our heart, we at ClearTax would like to say – Thank you. You rock!