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Prosperr.io, a fintech SaaS platform for automating income tax, has raised $1.55 million in a pre-seed funding round. The round was led by Gokul Rajaram, a board member at Pinterest and Coinbase, and an investor, known for backing companies like Faire, Figma, and Airtable.
The round also saw participation from angel investors including Vinodh Bhat (President and Co-founder JioSaavn), Ramakant Sharma (Founder Livspace), Kunal Shah (QED Ventures), Saurabh Jain (CEO, Livspace), and others. The capital raised will be used primarily to develop the company’s AI-first Tax Advisor.
Dev Kumar, CPTO and Co-Founder of Prosperr.io, said, “The company uses advanced AI technology for comprehensive tax management solutions, analysing user tax information year-round. The real-time data help us to plan, manage and maximise tax savings for our users and moreover will help provide data-driven personalised financial solutions. Our next step is to launch a Financial Advisory product for B2C users and enhance our AI-agents of Prosperr-FBP product, amplifying the global impact. We also target to reach 5 million paid users and $100 million as annual revenue by 2028.”
Founded in March 2022 by Manas Gond and Dev Kumar, Prosperr.io is a subscription-based AI-driven service that aims to simplify tax management for individuals. The company offers two core products: the Super Saver Product (B2C product), which helps individuals plan and save their taxes efficiently and the Prosperr-FBP (Flexi Benefits Plans) which enables employers (B2B product) to provide non-taxable allowances. The ‘Prosperr-FBP’ promises to increase the in-hand salary of each employee in an organisation by 8 per cent.
Gokul Rajaram, Investor, Board Member - Coinbase, Pinterest and The Trade Desk, states, “I’m excited to support the Prosperr team on their mission to build the best tax optimisation platform for consumers not just for India but for the world. The world of taxes is complicated and confusing, and Prosperr’s AI platform helps individuals and employees stay compliant while maximising tax savings.”
According to the company, it is poised to reach an annual recurring revenue (ARR) of $1 million by July 31, 2024. A company statement also indicated that the Income Tax Department has recorded a surge in Income-tax Returns filed.
“As of December 31 2023, 81.8 million income tax returns (ITR) were filed for AY 2023-2024, compared to 75.1 million income tax returns (ITRs) filed by December 31, 2022. This is a 9 per cent increase from the previous year and is expected to continue growing. As per the Finance Minister, Nirmala Sitharaman by 2047 India will have 470 million people paying income tax,” it stated.
Manas Gond, CEO and Co-founder, of Prosperr.io, said, “The growing complexity of income tax regulations and the increasing number of individuals filing income tax returns (ITR) highlight the need for user-friendly technology-driven solutions. Our mission is to address this challenge by developing AI-powered solutions that redefine income tax management and help our customers save money while achieving their financial goals. We’ve already seen significant traction with employees of 1,500 companies using Prosperr.io.”
Inputs from BL intern Vidushi Nautiyal
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