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Nur Atifi · · 1 min readIn brief: ClearTax bags $50m to take tax filing online
ClearTax, a startup that helps individuals and businesses file tax returns online, has raised US$50 million in a series B round led by Composite Capital. ClearTax, run by Defmacro Software, [had] previously raised US$12 million from SAIF Partners along with US$2 million in seed funding from Sequoia Capital India, and Paypal co-founder Peter Thiel’s Founders Fund Angel in 2016.
Source: Livemint
The investment by Hong Kong-based Composite Capital marks the VC firm’s first foray into India. Bangalore-based ClearTax will use the fresh funding to accelerate growth, and plans to invest in tech infrastructure and doubling its engineering team. It’s also looking to expand its product offerings and services for millennials.
ClearTax provides solutions for income tax filing, goods and services tax compliance, and mutual fund investments.
Editing by Steven Millward and Jack Ellis
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