In Startup50 2016: ClearTax is India’s leading tax filing platform, used by over 1 million Indian taxpayers and over 10,000 CA firms, and that’s simply the reason why the Jury unanimously picked ClearTax.
Founders: Archit Gupta, Srivatsan Chari And Ankit Solanki
Incorporated in January 2011, this Bengaluru-based Y-Combinator backed venture raised US $12 million in a Series-A in June 2016, from leading investors including Sequoia Capital, SAIF Partners and Neeraj Arora.
The business Model
ClearTax has grown by 200 per cent each year for the last three years. With over one million individuals, 10,000 CA firms and 20,000 businesses using it for tax filing, tax savings and compliances, the platform also offers human assistance on-demand to a fraction of its users. The company earns its revenue by charging its customers for its software products (SaaS) and human assisted experiences.
How does it help you?
With over 75 employees, the company has invested a lot on technology and scale; it has installed hundreds of servers on cloud, can auto-read 900 different kinds Form-16 PDFs and other tax documents. On the B2B side, its products have machine learning technology and early warning systems which help augment human intelligence and eliminate mistakes.
Tax filing and optimal tax saving is a difficult area for most consumers and mistakes in filing leads to tax notices and a lot of stress for them. Historically, one would seek out a chartered accountant to aid them in tax filing. However, this is slowly changing. While five years ago, 1.4 crore Indians were e-Filing, today five crore Indians are doing so. To aid such growth, the need of the hour is the right software solutions. Accordingly, on an average, ClearTax is helping consumers save close to Rs. 5,300 on an annual basis and this number is growing.
Facts in Numbers:
(Growth every year for the last three years)
(No. of Indians E-filing)