Fintech startup ClearTax rebrands itself as Clear and said it plans to hire around 100 talents across various roles, inculding marketing and engineering to support its growth ans it planning to take the company for IPO in three years. The company was initially focused on providing tax-related services, and is now planning to represent its offering across areas such as wealth management, invoices and credit.
Launched in the year 2011, ClearTax started as an online tax compliance platform for individual taxpayers to file their ITR (income tax returns). Later they also started several products and services for the GST segment.
A statement from the company said, Clear identifies itself as a tech and product first company, has now expanded itself from web-only cloud-based form factor to now mobile, web, desktop, and APIs.
Archit Gupta, Founder and CEO, in a statement said, “We started the company to simplify taxes, over the years we have evolved beyond taxes and have grown tremendously. Today we make SaaS for taxes, invoices for connected businesses and offer wealth management. Clear captures our huge ambitions to serve Indians in the areas of invoicing, wealth management, credit, and much more.”
Clear has also launched a one-stop invoicing and compliance solution for SMEs. The startup said it has also introduced four mobile apps to simplify finances for businesses and individuals. As per experts estimates, Clear is expected to manage invoices worth over USD 1 trillion by 2023.
According to Clear, it caters to more than 2,000 enterprises and over five million individual taxpayers. It added that it has saved over Rs 1,000 crore for more than four lakh businesses.
Since its inception, Clear has raised $65 million in venture funding. Incubated in Y-Combinator, the company is funded by Silicon Valley investors, including PayPal co-founders Max Levchin, Scott Banister, and Peter Thiel’s Founders Fund. The investors include Sequoia Capital, Composite Capital, and SAIF Partners.
Given the various changes that fintech companies are able to bring about in the country’s financial sector, they have turned into a heavily funded segment. This has led fintech startups to make bold bets of acquiring traditional businesses like mutual funds and even banks.
The fast shift to a digital payment infrastructure in INDIA has brightened the prospects of FinTech startups.