ClearTax, an online platform which enables users to file tax easily, has raised $2 million in Series A funding round from Sequoia Capital India and Paypal co-founder Peter Thiel’s Founders Fund Angel.
With the new round of funding, the company is now planning to launch a new product which will help individuals to save on taxes by making investments. While the company has 95 employees, it plans to add about 200 more in the next six months.
This new funding comes just after a month of company’s seed funding round in which it raised around $1.3 million from PayPal Co-founder Max Levchin, Scott and Cyan Banister, Dropbox Vice-President Ruchi Sanghvi, and WhatsApp’s Business Head Neeraj Arora.
Commenting about this funding round, Archit Gupta, founder of ClearTax, said,
Founders Fund has invested in transformational companies, in the past, looking at a deep technology base and serious ambition. The team at Founders Fund will be a great sounding board for us, allowing us to bounce off ideas for even the most basic problems. Their expertise in building big portfolio companies will help us further, giving the right perspective to our operations.
He further added:
This funding bolsters the last round, giving us better runway to move faster in the market. More capital in the bank means swifter movements. It also helps us hire senior talent aggressively and launch newer products. We are very much inclined towards making a differentiated IP and want to lead the market with real innovation.
ClearTax claims to have a base of 10,000 chartered accountants and its service is being used by one million tax payers. Earlier this month, the company also launched its Android mobile app which was downloaded for over 18,000 times within just one week. The company does not have an iOS app as of now.