Clear (formerly known as ClearTax), an India-based FinTech startup has raised $75 million in a Series C funding round led by Kora Capital, Stripe, Think Investments, and Alua Capital along with its existing investors. The new round values Clear at over $700 million.
“We are excited to partner with Clear as they innovate at scale in the Indian SaaS ecosystem, enabling Enterprises and SMEs to automate their workflows around taxation, invoicing and several other adjacencies. We look forward to Clear’s journey in the Indian and global markets,” Kora’s founder and CEO Nitin Saigal said.
Clear will be using the fresh funding to accelerate its expansion into B2B payments and credit segments as well as to expand its product suite into the international market. The SaaS startup also aims to serve 10 million SMBs and over 10,000 big enterprises over the next couple of years.
“India is on a massive digitisation journey and we are fortunate to be in the perfect storm of electronic invoicing, GST, UPI, cheap mobile internet and rapid adoption of technology due to Covid-19. We are doubling down on our SaaS platform to help businesses with collateral free debt and payments. This funding also gives us fuel for our international expansion,” said Archit Gupta, Clear’s founder and CEO. He added, Clear is aiming to tie up with five more banks by the end of the current financial year.
Clear’s SaaS platform has witnessed a five times growth in the last one and a half years and has added over 3000 large enterprise customers, as per the company. The Bangalore-based startup experienced a surge in usage with more than one million small businesses on the platform. Clear presently processes 10 percent of the country’s business invoices with a GMV(Gross Merchandise Value) of more than $400 million.
Founded in 2011 by Archit Gupta, Ankit Solanki, and Srivastan Chari, Clear offers a tax and investing platform that provides solutions for Income-Tax filings, GST, and Mutual Fund Investments.
The startup that counts Sequoia Capital India, Y Combinator, Elevation Capital, and Founders Fund among its earliest investors- helps businesses and individuals file their income tax returns. The startup also offers wealth management services to individuals and provides businesses with credit and e-invoicing.
With more than 5 million Indian taxpayers using its platform, and over 100,000 tax practitioners, Clear has become a popular digital tax platform. The platform is also used by 2000 large businesses and 600,000 small businesses in India.