ClearTax, India based financial technology startup, which helps the users to file their income tax returns online, has secured $12 million in Series A funding led by SAIF Partners. The raised funds will be used to launch new features along with hiring more manpower. The startup is looking to tripe its current size of 300 employees within this year.
Speaking on the development, Archit Gupta, CEO – Cleartax stated that spending money on advertising is not on the plans as the startup is looking to develop best of the products with the best people. The hiring will include talent from India and Silicon Valley.
ClearTax is planning to launch a few new products and they will include professional tax filing for individuals and businesses. Along with that, the startup is also looking to advice people with best investment options and tax saving methods. According to the claims made by the startup, there were over a million users who filed their tax returns through its platform in the last financial year and it expects to target at least 2.5 million users by the end of this year.
It is planning to launch a machine learning based platform which will help users to get the best of advises on tax saving based on their profile including age and income group. In the coming months, it will also include the investment advises.
In April, the startup did a few high profile hiring including Arvind Shastry (InMobi) to head the business unit of Cleartax. Along with that, there were a lot of notable names from Indian eCommerce giant, Flipkart, who joined the startup. Few names amongst them include Prashant Nair (Flipkart’s former director) who joined as VP of engineering, Anand Mathur joined as Director of Engineering and Aakash Bapna & Jai Santosh joined as Senior Engineers in the product team.
Prior to this, the startup has raised a 2 rounds of funding which include $2 Million in Pre Series A from Founders Fund Angel (founded by Peter Thiel) and Sequoia Capital. The other angel round was worth $1.3 Million.