Indian online tax return platform ClearTax bags $12m SAIF-led Series A

SAIF Partners’ Ravi Adusumalli has led a $12m Series A financing round for Indian online tax filing platform ClearTax.

Previous backing for the business has come through a $2m pre-Series A round that saw participation from Sequoia Capital and Founders Fund, as well as an angel round from Silicon Valley names including Max Levchin, Neeraj Arora, Scott Bannister and Cyan Bannister.

The Bangalore-based business, which used by more than a million Indian taxpayers to e-file their tax returns, said it had already earmarked machine learning and deep tech as its top priorities in product and technology.

ClearTax founder and CEO Archit Gupta said, “Our Series-A investment is a strong validation of the ClearTax vision and demonstrates the clear market leadership ClearTax has.

“Instead of spending the capital raised on advertising, we’ll be investing in building world class technology products, and in top notch engineering talent from within India & Silicon Valley.

“As a founder, I’m deeply excited the impact fintech will have on India and I’m proud of our team for reaching this milestone.”

Adusumalli added, “The ClearTax team has demonstrated distinctive growth over last five years to build the largest tax filing platform in India.

“We are very excited to partner with Archit and team as they translate their market leadership in tax filing space to become one of the largest fin-tech platforms in India.

“We look forward to working with the Cleartax team in their journey to create a wide range of offerings for retail and SME customers.”

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