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ClearTax raises $2 million from Sequoia, Peter Thiel fund

( 18:05, 26-May-16)

ClearTax raises $2 million from Sequoia, Peter Thiel fund

ClearTax, a start-up that helps individuals and businesses file their tax returns online, has raised $2 million in a series A round of funding from venture capital firms Sequoia Capital India, and Paypal co-founder Peter Thiel’s Founders Fund Angel, a seed stage venture firm.

The firm, run by Defmacro Software Pvt. Ltd, had in April raised $1.3 million in angel funding from Silicon Valley-based angel investors, including PayPal co-founder Max Levchin, Whatsapp’s business head Neeraj Arora, and AngelList founder Naval Ravikant, among others.

This is Founders Fund Angel’s first investment in an Indian start-up. It’s parent arm, Founders Fund, has invested in firms like data analytics start-up Palantir, payments company Stripe and fitness wearable maker Misfit.

ClearTax offers a simplified way for consumers to file their income tax returns online. It also offers software for chartered accountants and small businesses to do the same. With the new round of funding, it is going to launch a fourth product–one that helps individuals save on taxes by making investments.

The firm, which currently employs 95 people, plans to add about 200 more in the next six months. It claims 1 million users for its product for individuals, and about 10,000 chartered accountant firms.

“We hope to grow the user base to about 50 lakh people by 2017. We want to fix people’s poor relationship with their money because of the complexity involved in handling in it, by making the whole process simple,” said Archit Gupta, chief executive officer, ClearTax.

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