Unifying India’s fragmented tax and wealth market

This article is a part of Startup Spotlight, a series that features young, up-and-coming startups.

Photo credit: Prosperr.io

Manas Gond and Dev Kumar researched Indian fintech gaps in early 2020. Interviewing thousands of users revealed taxation as a painful and manual chore. They launched Prosperr.io to automate tax optimization year-round.

😟 Problem

Indian salaried employees frequently overpay taxes or miss savings opportunities. Most tax planning occurs just once a year during filing season. Managing finances usually requires stitching together advice from multiple separate brokers, HR portals, and accountants.

💡 Solution

Prosperr.io operates a financial context layer that unites an employee’s tax data, wealth information, and spending behavior. The platform uses AI to provide specific financial recommendations.

The platform offers several core features, including:

• The consumer-facing Super Saver Plan tracks live tax positions and recommends specific wealth planning steps.
• The enterprise suite allows companies to offer flexible financial benefits and lets employees restructure their salary directly through payroll.
• Users can log eligible everyday expenses to reduce their taxable salary and increase take-home pay.

Image credit: Prosperr.io

📊 Market size

More than 4.5 million salaried employees in India currently pay for tax advisory services. This salaried tax-filer base grows by 7% to 8% annually. Increasing compliance requirements expand the need for continuous financial management.

🤝 Team

• Manas Gond. Co-founder and CEO. He previously built and scaled three startups from the ground up.
• Dev Kumar. Co-founder and Chief Product and Technology Officer. He specializes in small language models and product engineering, with experience at Walmart Labs.

🚀 Traction

• The company reports a 4x year-on-year growth rate.
• Consumer product retention sits at around 75%.
• The enterprise suite maintains near 100% retention.

🏆 Competition

Current solutions isolate different slices of an employee’s financial life. Enterprise payroll platforms manage benefits, while consumer platforms like ClearTax and Quicko handle tax filing. Prosperr integrates salary, benefits, and investments into a single unified interface.

💰 Financials

The startup charges an annual user subscription fee of US$80 to US$100. It also earns distribution fees from recommended wealth products. Prosperr has raised US$5.55 million in funding, including a US$4 million seed round led by Jungle Ventures.

🚩 Risks