Financial technology startup operating to file tax returns platform, ClearTax, has raised $2 million (Rs 13.3 crore) jointly from FF Angel, and Sequoia Capital. “We have taken the long route, and now we are extremely excited to have some of the biggest thought leaders and investors on board as our partners,” Gupta saidÂ Economic Times. “We are an instrument-agnostic platform that will allow consumers to choose their rate of return and select what to have in their tax savings basket.”
The five year-old company will use the proceeds from the round to launch a slew of consumer-focused tax-saving products, including mutual funds and other equity-linked saving schemes. It will also be adding to its leadership team, said Archit Gupta, chief executive of ClearTax.
According to Gupta, ClearTax has over 1 million consumers e-filing their tax returns, and the company is targeting bringing on board 5 million users by the end of the current fiscal, and recording transactions worth $1 billion over the same period.
FF Angel has been an early backer in a number of well-known ventures, including, tech-focused web publication PandoDaily and Wi-Fi and Bluetooth-enabled home device maker Nucleus, among others.