
Total amount raised
$140.2 Millions
Latest funding date

Location
ClearTax has successfully raised significant funding from notable investors, including SAIF Partners and Composite Capital, to support its mission of simplifying financial lives for Indians. The platform offers a comprehensive suite of tax and financial services, including solutions for Income Tax filing, GST compliance, and Mutual Fund Investments.
Keep reading to explore the intricacies of ClearTax's fundraising journey and the investors backing this innovative platform.
What Is ClearTax?
ClearTax, founded in 2011, is headquartered in Bangalore, Karnataka, India. The company was established by Ankit Solanki, Archit Gupta, and Srivatsan Chari.
ClearTax offers a range of financial technology solutions, including income tax filing, GST compliance, and mutual fund investments. Their platform is designed to simplify financial lives for Indians by leveraging the digitization of India's tax systems.
With a workforce of 1001-5000 employees, ClearTax continues to innovate and expand its services, making it a leading player in the tax and financial services sector in India.
How Much Funding Has ClearTax Raised?
- Pre-Seed Round
- Amount Raised: Not publicly disclosed
- Date: August 2014
- Lead Investors: Sumon Sadhu
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of their tax filing platform.
- Angel Round
- Amount Raised: $1.3M
- Date: April 2016
- Lead Investors: Max Levchin, Scott Banister
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and enhance the platform's capabilities.
- Seed Round
- Amount Raised: $2M
- Date: May 2016
- Lead Investors: Founders Fund, Peak XV Partners, Sequoia Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and market the platform to a broader audience.
- Series A
- Amount Raised: $12M
- Date: June 2016
- Lead Investors: Elevation Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the GST compliance solutions and expand the user base.
- Series B
- Amount Raised: $50M
- Date: October 2018
- Lead Investors: Composite Capital Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth, enhance engineering infrastructure, and boost sales and marketing efforts.
- Series C
- Amount Raised: ₹5.6B
- Date: October 2021
- Lead Investors: Kora
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand product offerings and market reach.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: January 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing innovation and service expansion.
Total Amount Raised: $65.3M + ₹5.6B
Current Valuation: Not publicly disclosed
Key Investors
- Max Levchin
- Details: Max Levchin is a co-founder of PayPal and the CEO of Affirm. He is known for his contributions to the fintech industry.
- Investment Focus Areas: FinTech, technology startups.
- Notable Investments: PayPal, Affirm.
- Vijay Shekhar Sharma
- Details: Vijay Shekhar Sharma is the founder of Paytm, one of India's largest digital payment platforms. He has been a significant figure in the Indian fintech landscape.
- Investment Focus Areas: FinTech, digital payments.
- Notable Investments: Paytm.
- Peter Thiel’s Founders Fund
- Details: Founders Fund is a venture capital firm founded by Peter Thiel, known for investing in transformative technology companies.
- Investment Focus Areas: Technology, disruptive innovation.
- Notable Investments: Facebook, SpaceX, Palantir Technologies.
- Sequoia Capital
- Details: Sequoia Capital is a global venture capital firm that invests in various stages of a company's lifecycle, from seed to growth stages.
- Investment Focus Areas: Technology, healthcare, consumer services.
- Notable Investments: Apple, Google, LinkedIn.
- Composite Capital
- Details: Composite Capital is a Hong Kong-based investment firm that led the $50 million Series B funding round for ClearTax.
- Investment Focus Areas: Technology, consumer sectors.
- Notable Investments: Not publicly disclosed.
What's Next for ClearTax?
ClearTax is poised to capitalize on the growing digitization of tax filing and compliance services in India. With a user base of 2.5 million individual taxpayers and over 100,000 businesses, the company is well-positioned to expand its offerings, including mutual fund investments and business incorporation services. The increasing demand for GST and E-waybill solutions presents a significant growth opportunity.
Future fundraising seems likely as ClearTax continues to scale its operations and enhance its engineering infrastructure. The recent $50 million funding round led by Composite Capital underscores investor confidence in the company's growth trajectory. However, ClearTax will need to navigate challenges such as regulatory changes and competition from other platforms to maintain its market position.
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