Income tax returns e-filing website ClearTax has secured an angel investment of $1.3 million from top Silicon Valley angels.
The line up of investors include PayPal co-founder Max Levchin, with his first India-focussed investment; Scott and Cyan Banister, who are serial investors in ventures such as, Uber, SpaceX, Postmates and Zappos; WhatsApps’ business head Neeraj Arora; AngelList Founder and CEO Naval Ravikant; Dropbox VP Ruchi Sanghvi; Y Combinator alumni Sumon Sadhu and Flexport’s Founder and CEO Ryan Petersen.
ClearTax will use the investment to further its mission of simplifying the process of tax filing through technology.
“Having these industry leaders with trenchant knowledge and understanding of the fintech industry choose ClearTax for such a big investment is a measure of their belief in our vision, business model and execution capability. This development is a massive shot in the arm for us, and will encourage us to push on and achieve greater landmarks in the future in terms of the quality of our service,” said Archit Gupta, Founder-CEO, ClearTax.
ClearTax is an Indian income tax return e-filing website. All a user has to do is upload their Form-16 PDF and the ClearTax software prepares the tax return instantly and automatically. ClearTax processed tax return e-filings for 3,00,000 individuals in assessment year 2014-15. An estimated 1 million users filed their returns using the site for the assessment year 2015-16.
ClearTax was founded in 2011 by Archit Gupta along with his father Raja Ram Gupta, a Chartered Accountant; Srivatsan Chari and Ankit Solanki. It was the fourth Indian start-up to be funded by Y Combinator and the first one which focussed on the Indian market.