ClearTax Raises $50 million in Series B round led by Composite Capital

On Tuesday 23rd October, ClearTax, a startup now turned into a company. With more than 400 employees have raised $50 million in a Series B round led by Composite Capital the HongKong based investment firm. ClearTax, with it’s registered name as Defmacro Software Pvt. Ltd has previously raised $12 million from SAIF Partners. Along with $2 million in seed funding from Sequoia Capital India, and Paypal co-founder Peter Thiel’s Founders Fund Angel in 2016. Overall the total funding amount reached is around $64 million now.

“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, said in a statement.

ClearTax being the largest Income Tax Return filing portal offers solutions including GST and e-way bill software. Along with business incorporation and compliance services for more than 500 enterprises. It has also launched a platform for tax saving and mutual fund investment in January this year.

ClearTax Series A funding details: Read Here

ClearTax claims to have served over 2.5 million Income Tax Returns in 2018 and is eyeing close to 4 million users by March 2019. The company got a boost after the rollout of goods and services tax (GST) in July 2017.

The firms most of the business comes directly from their GST businesses. It works with over 25,000 chartered accountancy firms and 100,000 businesses across sectors. Including manufacturing, retail and pharma among others.

Founded in 2011 by Gupta, Srivatsan Chari and Ankit Solanki, ClearTax was the first India-focused company to be funded by Y Combinator.

Know More about Composite Capital: Read Here

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