I-T returns filing website ClearTax raises $12 mn in series A

company plans to utilise proceeds to hire top tier engineering talent from Silicon Valley

Bengaluru-based online income tax returns filing service ClearTax has raised $12 million in series A funding led by Ravi Adusumalli of SAIF Partners. The company plans to utilise the funds to hire top tier engineering talent from Silicon Valley as it looks to build out its product portfolio.

ClearTax wants to hire 100 engineers and put in place a leadership team as it plans to expand its services beyond helping people file their income tax returns. It will soon roll out products for consumer and business taxation, tax savings and Investments.

"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," said Archit Gupta, founder and CEO at ClearTax, in a statement.

The firm is also looking to triple its employee headcount to 300 by the end of the year, while also growing its user base from 10 lakh to 25 lakh in the same time. With its new products, ClearTax will tap the large market of small retail and SME customers.

"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 FinTech platforms in India," said Ravi Adusumalli, Managing Partner at SAIF partners.