ClearTax, an online tax return filing, and investment platform recently raised funding of $50 million in a Series B round led by Hong Kong-based Composite Capital. This round of funding comes two years after their Series A round in which they raised $12 million from SAIF Partners along with $2 million in seed funding from Sequoia Capital India.
This is the first investment by Composite Capital in India and comes at a time where the Fintech industry in the country is booming with high growth-rate and rapid investments. Founded in 2011 by Ashrit Gupta, Srivatsan Chari, and Ankit Solanki, ClearTax is the first India focused company backed by Y Combinator. It is also backed by the Silicon Valley biggies including PayPal co-founders Max Levchin and Peter Theil, WhatsApp’s business head Neeraj Arora, Scott Bannister, and Cyan Bannister and AngelList founder Naval Ravikant.
ClearTax claims that it has 1 lakh companies in its base now other than 25,000 chartered accounts firms. It also boasts that 2.5 million individual taxpayers used its services in the past year with millennials forming a majority of its user base.
“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,” said Archit Gupta, Founder, and CEO of ClearTax, in a statement. “We want to continue to grow quickly from 2x to 4X in terms of customer base and we have a lot of headroom for growth,” added Gupta.