Cleartax
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| Private | |
| ISIN | 🆔 |
| Industry | Financial Services |
| Founded 📆 | 2011 |
| Founder 👔 | Archit Gupta |
| Headquarters 🏙️ | Bengaluru, India |
Area served 🗺️ | India |
Key people | Archit Gupta (CEO, Co-founder), Srivatsan Chari (Co-founder), Ankit Solanki (Co-founder) |
| Revenue🤑 |  INR 60 crore (FY 2020)[1] |
| Members | |
Number of employees | 931 (2021)[2] |
| Parent | Defmacro Software Pvt. Ltd. |
| 🌐 Website | cleartax.in |
| 📇 Address | |
| 📞 telephone | |
ClearTax is a Bangalore-based Fintech company offering financial services and Software as a service (SaaS) in India with focus on taxation SaaS. It provides cloud-based products for GST, e-Invoicing, e-Waybill, income tax, investments and tax deductions for enterprises, MSMEs, tax experts and tax-payers. The company aims to simplify finances, save money and time for Indian businesses and individuals.[3]
History[edit]
ClearTax was founded in 2011 by Archit Gupta along with his father Raja Ram Gupta, Srivatsan Chari, and Ankit Solanki.[4][5] The idea to start a platform to simplify e-filing of income tax returns occurred to Archit when he was unable to file his tax returns online from the US in 2010 through the Income Tax Department's utility.
The company first started operations from New Delhi and later on, in 2014, moved their headquarters to Bangalore.[6] As of February 2021, the company has operational offices in both cities as well as presence in Mumbai, with a combined team strength of over 900 employees across verticals like engineering, design, product management, and marketing.[7]
In 2014, ClearTax became the first India-focused startup to be funded by US based global accelerator Y-Combinator[4][5] and later featured in their top companies list of 2019 that have emerged as leaders of their respective sectors.[8][9]
In 2016, the platform launched an Android app to facilitate e-filing of income tax return.[10][11]
In June 2017, the company launched a Bill book software for small and medium-sized businesses that enables preparing GST-compliant invoices.[12] Subsequently, they launched an offline calculator for SMEs and startups determine their monthly GST payout.[13][14]
In May 2018, ClearTax launched ‘Tally Connector’ which enables users to import accounting data from Tally to ClearTax GST in a single click.[15]
In June 2019, the company launched GSTR-9 filing software, to enable chartered accountants and businesses do GSTR-9 filing.[16]
In August 2020, the company introduced an e-invoicing product for Invoice Reference Number (IRN) generation and e-invoice management that can be integrated with any ERP.[17][18] Later on, they launched a mobile app called ‘Black’ in the investment space. The app enables the user to save taxes, grow wealth and file tax returns,[19] in addition to another application called ClearTax Pro that essentially acts as a practice manager and tax companion for tax experts.[20]
ClearTax was featured in the 2020 New York Times' CB Insights report within the list of 50 start-ups seen as potential unicorns in coming years.[21]
Services and products[edit]
The company announced it has served over 2.5 million individual taxpayers in 2018.[22][23] In 2020, they announced that over 6 million ITRs were filed, and $4 billion payments were made annually.[3]
ClearTax' products enable individuals and businesses to manage all of their compliances and taxes and allows businesses of all sizes to connect with the network (suppliers, distributors and customers) and manage their cash flows better. They provide financial services products (financing, payments) to further help with cash flows, as well as aiding accountants who can partner with ClearTax to sell software and financial service products to their clients.[3][24]
The product suite serves four major customer segments: Enterprises, MSMEs, Tax Experts and individuals. The various offerings are available across multiple form factors: web, desktop, APIs and mobile applications.[3]
Growth[edit]
Licenses & Certifications[edit]
ClearTax operates its product suites with Application Service Providers (ASP) license and GST Suvidha Providers (GSPs) license provided by the GST Network (GSTN), the nodal agency in charge of the Securities and Exchange Board of India.[25][26] It has also obtained a Registered Investment Adviser (RIA) license from the Securities and Exchange Board of India (SEBI) to deliver stock broking and wealth management services via their recently launched “Black” application.[27][28]
Funding[edit]
Since its launch, ClearTax has raised over $65 million through five funding rounds.[29]
| Series | Date | Amount | Lead Investors |
|---|---|---|---|
| Seed | 2014 | $120,000[30] | Y-Combinator |
| Seed | April 2016 | $1.3 million[31] | Max Levchin, Scott Banister |
| Seed | May 2016 | $2 million[32] | Sequoia Capital, Peter Thiel |
| Series A | June 2016 | $12 million[33] | SAIF Partners |
| Series B | October 2018 | $54.2 million[34] | Composite Capital Management |
Acquisitions[edit]
- TOOTL: Acquired in April 2018, an infotainment app offers personalized content using predictive tools technology that is supposed to assist ClearTax to curate personalized tax, finance and compliance related content on its website by integrating TOOTL's back-end tech stacks.[35]
- Dose FM: Acquired in October 2019, an audio streaming platform to strengthen mobile capabilities with focus on creation of an engagement platform for ClearTax's business customers to file their GST returns.[36]
- Karvy - GST filing Services: The GST software business of Karvy Data Management Services, part of the financial services group Karvy, was acquired in March 2020 by ClearTax in order to gain through the addition of enterprise customers for its GST related services.[37][38]
External links[edit]
References[edit]
- ↑ "How ClearTax Is Transforming To A Full-stack Fintech Player". Forbes India. Retrieved 2021-05-09.
- ↑ https://craft.co/cleartax
- ↑ 3.0 3.1 3.2 3.3 "About us — ClearTax". ClearTax. Retrieved 2021-05-09. Unknown parameter
|url-status=ignored (help) - ↑ 4.0 4.1 "GST Bill: ClearTax launches free GST bill book software - Times of India". The Times of India. June 14, 2017. Retrieved 2021-05-07. Unknown parameter
|url-status=ignored (help) - ↑ 5.0 5.1 Catherine, Shu (June 24, 2014). "YC-Backed ClearTax Tackles India's Fast Growing Online Tax Filing Market". TechCrunch. Retrieved 2021-05-07. Unknown parameter
|url-status=ignored (help) - ↑ Kumar, Smitabalram (December 23, 2015). "Frisbee keeps startup ClearTax.in CEO on the move". The Economic Times. Retrieved 2021-05-09.
- ↑ "ClearTax To Hire 200 People For Engineering, Product Roles In FY21". Moneycontrol. Retrieved 2021-05-09.
- ↑ "Y Combinator's top companies has Indian names too". The Economic Times. October 10, 2019. Retrieved 2021-05-07. Unknown parameter
|url-status=ignored (help) - ↑ Tiwary, Tanmay (October 4, 2019). "Razorpay, Meesho and Cleartax feature on Y Combinator's top companies list 2019". Techcircle. Retrieved 2021-05-07. Unknown parameter
|url-status=ignored (help) - ↑ "ClearTax launches mobile app for e-filing of returns". The Economic Times. November 20, 2015. Retrieved 2021-05-09.
- ↑ "ClearTax nabs $1.3M to make filing taxes online in India less stressful". TechCrunch. Retrieved 2021-05-09.
- ↑ "GST Bill: ClearTax launches free GST bill book software - Times of India". The Times of India. June 14, 2017. Retrieved 2021-05-08. Unknown parameter
|url-status=ignored (help) - ↑ "ClearTax launches easy-to-use offline GST Calculator for SMEs". The Economic Times. October 26, 2017. Retrieved 2021-05-08.
- ↑ "ClearTax launches offline GST Calculator for easy calculations". Business Standard India. October 26, 2017. Retrieved 2021-05-09.
- ↑ Bhakta, Pratik (May 28, 2018). "Cleartax launches Tally Connector to help SMEs in tax filing". The Economic Times. Retrieved 2021-05-08.
- ↑ "GST: ClearTax launches automated GSTR-9 filing software to help businesses". The Economic Times. June 4, 2019. Retrieved 2021-05-08.
- ↑ "ClearTax launches powerful e Invoicing Solution built to scale". BW Disrupt. August 25, 2020. Retrieved 2021-05-08. Unknown parameter
|url-status=ignored (help) - ↑ "ClearTax launches e-invoicing solution to help enterprises". cnbctv18.com. Retrieved 2021-05-09.
- ↑ Borate, Neil (2020-12-22). "ClearTax launches investment app 'Black'". mint. Retrieved 2021-05-09.
- ↑ Hariharan, Sindhu (January 7, 2021). "ClearTax launches two apps, earmarks Rs 100crore budget for mobile push". The Times of India. Retrieved 2021-05-08. Unknown parameter
|url-status=ignored (help) - ↑ Griffith, Erin (2019-02-10). "These 50 Start-Ups May Be the Next 'Unicorns'". The New York Times. ISSN 0362-4331. Retrieved 2021-05-07.
- ↑ Ahuja, Aakanksha (2018-10-23). "ClearTax raises 400 crore from Composite Cap, others". mint. Retrieved 2021-05-09. Unknown parameter
|url-status=ignored (help) - ↑ "ClearTax raises $50 million in fresh funding led by Composite Capital". Business Standard India. October 23, 2018. Retrieved 2021-05-09.
- ↑ "ClearTax Launches Software For Return Filing Under GST". BW Businessworld. June 9, 2017. Retrieved 2021-05-09. Unknown parameter
|url-status=ignored (help) - ↑ "Cleartax wins the GST Suvidha Provider (GSP) license". VARINDIA. November 28, 2019. Retrieved 2021-05-09. Unknown parameter
|url-status=ignored (help) - ↑ "Infosys, HDFC, Big 4 in queue with startups for GST Suvidha Providers licence". The Economic Times. May 27, 2017. Retrieved 2021-05-08.
- ↑ Borate, Neil (2020-12-22). "ClearTax launches investment app 'Black'". mint. Retrieved 2021-05-08.
- ↑ "SEBI - Securities and Exchange Board of India". Cleartax. Retrieved 2021-05-09. Unknown parameter
|url-status=ignored (help) - ↑ "ClearTax - Funding, Financials, Valuation & Investors". Crunchbase. Retrieved 2021-05-07.
- ↑ "How Delhi-Based Startup ClearTax Made It to Y Combinator". NDTV Gadgets 360. Retrieved 2021-05-07.
- ↑ "ClearTax raises angel funding from PayPal's Max Levchin, Silicon Valley investors". VCCircle. 2016-04-26. Retrieved 2021-05-08.
- ↑ Kochar, Ritu (2016-05-26). "An Indian Startup That Has Wooed Both Sequoia Capital And Founders Fund". Entrepreneur. Retrieved 2021-05-07.
- ↑ Shrivastava, Aditi. "ClearTax raises $12 million from SAIF Partners". The Economic Times. Retrieved 2021-05-07.
- ↑ "Hong Kong-based Composite Capital leads $54 mn round into ClearTax". VCCircle. October 23, 2018. Retrieved 2021-05-08. Unknown parameter
|url-status=ignored (help) - ↑ "ClearTax acquires start-up TOOTL to offer personalized content". mint. April 12, 2018. Retrieved 2021-05-07. Unknown parameter
|url-status=ignored (help) - ↑ "ClearTax acquires Dose FM to strengthen mobile tech capabilities". The Times of India. October 18, 2019. Retrieved 2021-05-07. Unknown parameter
|url-status=ignored (help) - ↑ "ClearTax buys GST filing unit of Karvy". The Economic Times. March 4, 2020. Retrieved 2021-05-07.
- ↑ Kapur, Narinder (March 4, 2020). "ClearTax to acquire Karvy's GST services business". VCCircle. Retrieved 2021-05-07. Unknown parameter
|url-status=ignored (help)
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