Total amount raised
$140.2 Million
Latest funding date
1/1/2022
Location
ClearTax has successfully raised funding over 7 rounds, with the latest being a Venture - Series Unknown round. The platform offers a comprehensive suite of tax and financial services for individuals, businesses, and tax professionals.
ClearTax is backed by 25 investors, including notable names like Surojit Chatterjee and Balaji Srinivasan. Keep reading to explore the intricacies of ClearTax's fundraising journey and the investors supporting this innovative platform.
What Is ClearTax?
ClearTax is a private company based in Bangalore, Karnataka, India, operating in the Accounting, Apps, Financial Services, and FinTech industries. The platform simplifies financial lives for Indians by offering a range of tax and financial services.
With an employee count ranging between 1001 and 5000, ClearTax provides solutions for GST filing, income tax return filing, accounts payable, vendor management, and more. The company emphasizes security, compliance, and user-friendly interfaces to ensure accurate and efficient financial management.
How Much Funding Has ClearTax Raised?
- Pre-Seed Round
- Amount Raised: Not publicly disclosed
- Date: August 2014
- Lead Investors: Sumon Sadhu
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of the platform and initial operations.
- Angel Round
- Amount Raised: USD 1,300,000
- Date: April 2016
- Lead Investors: Max Levchin, Scott Banister
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and enhance the platform's capabilities.
- Seed Round
- Amount Raised: USD 2,000,000
- Date: May 2016
- Lead Investors: Founders Fund, Peak XV Partners, Sequoia Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and develop new features for the platform.
- Series A Round
- Amount Raised: USD 12,000,000
- Date: June 2016
- Lead Investors: Elevation Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support initial growth and development of the platform.
- Series B Round
- Amount Raised: USD 50,000,000
- Date: October 2018
- Lead Investors: Composite Capital Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth, enhance engineering infrastructure, and boost sales and marketing efforts.
- Series C Round
- Amount Raised: INR 5,620,000,000
- Date: October 2021
- Lead Investors: Kora
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand product and service offerings and invest in technology.
- Series Unknown Round
- Amount Raised: Not publicly disclosed
- Date: January 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling operations and enhancing platform features.
Total Amount Raised: USD 65,300,000
Current Valuation: Not publicly disclosed
Key Investors
- Composite Capital
- Details: Composite Capital is a Hong Kong-based investment firm known for its focus on high-growth potential startups. The firm led ClearTax's Series B funding round with a $50 million investment.
- Investment Focus Areas: High-growth startups, technology, financial services
- Notable Investments: Not specified
- Y Combinator
- Details: Y Combinator is a well-known startup accelerator based in the United States. It was one of the early investors in ClearTax, providing support during its initial growth stages.
- Investment Focus Areas: Early-stage startups, technology, various sectors
- Notable Investments: Airbnb, Dropbox, Reddit
- SAIF Partners
- Details: SAIF Partners is a venture capital firm that invests in early to growth-stage companies in Asia. The firm participated in ClearTax's Series A funding round.
- Investment Focus Areas: Technology, internet companies, financial services
- Notable Investments: MakeMyTrip, JustDial, Paytm
- Founder's Fund
- Details: Founder's Fund is a San Francisco-based venture capital firm backed by Peter Thiel and Sean Parker. The firm has a history of investing in groundbreaking technology companies.
- Investment Focus Areas: Technology, innovation-driven companies, various stages
- Notable Investments: Facebook, SpaceX, Palantir Technologies
- Sequoia Capital
- Details: Sequoia Capital is a prominent venture capital firm that invests in companies across different stages and sectors. It has been a significant investor in ClearTax's growth journey.
- Investment Focus Areas: Technology, healthcare, consumer services
- Notable Investments: Apple, Google, WhatsApp
What's Next for ClearTax?
ClearTax stands at the cusp of significant growth opportunities, driven by the increasing digitization of financial services. With a user base of 2.5 million individual taxpayers and over 100,000 businesses, the platform is poised to expand its offerings in GST and E-waybill solutions, as well as enter the mutual fund investment market. This expansion could potentially capture a substantial share of the market, further solidifying ClearTax's position in the industry.
Future fundraising efforts are likely, given the company's ambitious growth plans and the recent $50 million funding round led by Composite Capital. These funds will be instrumental in enhancing ClearTax's engineering infrastructure and boosting sales and marketing efforts. However, the company will face challenges such as intense competition in the mutual fund space and the need to continuously innovate to meet evolving customer needs.
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