Startupidia

ClearTax

ClearTax is an Indian financial technology company headquartered in Bangalore, Karnataka. Founded in 2011, it offers digital solutions for income tax filing, GST compliance, and mutual fund investments. The platform caters to individuals, small and medium enterprises (SMEs), large enterprises, and tax professionals, processing over $300 billion in B2B invoices annually. ClearTax simplifies financial compliance through cloud-based technology, focusing on accuracy and efficiency. It was the first Indian startup to receive funding from Y Combinator in 2014 and has since expanded into wealth management and e-invoicing. Serving over 5 million taxpayers and 40,000 businesses, ClearTax is a key player in India’s fintech landscape.[1]

ClearTax
Company typePrivate
IndustryFintech
FoundedOctober 1, 2011; 13 years ago (2011-10-01)
FounderArchit Gupta, Srivatsan Chari, Ankit Solanki, Raja Ram Gupta
HeadquartersBangalore, Karnataka, India
Area served
India, Gulf Cooperation Council
Key people
Archit Gupta (CEO)
ProductsTax filing software, GST compliance, mutual fund investment platform
ServicesTax compliance, financial advisory, business incorporation
Revenue₹60 crore (US$6.9 million) (FY20)
Number of employees
900+ (2021)
ParentDefmacro Software Pvt. Ltd.
Websitecleartax.in

Founders & Leadership

  • Archit Gupta (CEO): An IIT Guwahati computer science graduate, Gupta co-founded ClearTax after facing tax filing challenges while working in the US. He drives product innovation and strategic growth.[2]
  • Srivatsan Chari (Co-founder): An IIT Madras alumnus, Chari oversees business operations and market expansion, contributing to ClearTax’s enterprise solutions.[3]
  • Ankit Solanki (Co-founder): Also from IIT Madras, Solanki leads technology development, building scalable platforms for tax and compliance solutions.[4]
  • Raja Ram Gupta (Co-founder): Archit’s father, Raja Ram provided early mentorship and operational support during ClearTax’s inception.[5]

Timeline

Year Milestone
2011 ClearTax founded in New Delhi.[6]
2014 Received funding from Y Combinator, the first Indian startup to do so.[7]
2016 Launched Android app and GST compliance solutions.[8]
2017 Introduced GST-compliant billing software.[9]
2018 Acquired TOOTL for personalized content delivery.[10]
2019 Acquired Dose FM to enhance mobile engagement.[11]
2020 Launched 'Black' app for mutual funds and acquired Karvy’s GST business.[12]
2021 Rebranded to Clear, raised $75 million in Series C.[13]
2022 Expanded to GCC countries for compliance solutions.[14]

Funding

Date Round Amount Investors
August 2014 Seed $2M Y Combinator, Sequoia Capital[15]
April 2016 Series A $12M SAIF Partners[16]
October 2018 Series B $50M Composite Capital Management[17]
October 2021 Series C $75M Kora Capital, Stripe, Tiger Global, Founders Fund[18]
January 2022 Series C $1.3M Undisclosed[19]

Business Model

ClearTax operates a SaaS model, generating revenue through subscriptions for tax and compliance software, premium tax filing services, and financial advisory. It serves individuals, SMEs, large enterprises, and chartered accountants. Revenue streams include GST compliance tools, e-invoicing solutions, and the 'Black' mutual fund platform. ClearTax offers free e-filing to attract users, upselling premium services. Partnerships with banks like ICICI Bank and payment gateways like Instamojo provide additional income.[20][21]

Products / Services

  • Income Tax Filing: Online platform for e-filing income tax returns, supporting salary, capital gains, and business income.[22]
  • GST Compliance Software: Tools for GST return filing, invoicing, and e-way bills, used by over 600,000 businesses.[23]
  • Mutual Fund Investments: Black app for tax-saving ELSS and mutual fund investments.[24]
  • Business Incorporation: Services for company registration, trademark filing, and compliance.[25]
  • E-Invoicing Solutions: Tools for generating Invoice Reference Numbers (IRN) and ERP-integrated invoicing.[26]

Growth & Metrics

ClearTax serves over 5 million taxpayers, 600,000 SMEs, 2,000 large enterprises, and 100,000 tax practitioners as of 2021. It processes 10% of India’s B2B invoices, valued at $300 billion annually. FY20 revenue was ₹60 crore (US$6.9 million), up 163% from ₹22.8 crore (US$2.6 million) in FY19. The company employs over 900 people across Bangalore, New Delhi, and Mumbai. It has expanded to Gulf Cooperation Council countries, including Saudi Arabia and Oman.[27][28]

Legal Entity Information

Field Details
Legal Name Defmacro Software Pvt. Ltd.
Foundation Date 1 October 2011
Registrar of Companies (ROC) ROC Bangalore
Corporate Identification Number (CIN) U72200KA2011PTC060629
Registered Address No. 23 & 24, AMR Tech Park, Block 1, 1st Floor, Hongasandra, Hosur Main Road, Bangalore, Karnataka - 560068
Company Status Active
Directors Archit Gupta, Srivatsan Chari, Ankit Solanki
Authorized Share Capital ₹10 lakh (US$12,000)
Paid-up Capital ₹1.5 lakh (US$1,700)

[29]

Acquisitions and Investments

  • TOOTL (April 2018): Acquired to enhance personalized content delivery.[30]
  • Dose FM (October 2019): Acquired to improve mobile GST engagement.[31]
  • Karvy GST Software Business (March 2020): Acquired to strengthen enterprise GST offerings.[32]
  • yBANQ (2021): Acquired to expand financial services.[33]

Media & Public Recognition

ClearTax was named among CB Insights’ 50 potential unicorn startups in 2020 and listed in the World’s 250 Most Promising Fintech Startups.[34] It has been featured in Forbes India, The Economic Times, and Business Insider India for its growth and acquisitions.[35][36] Its GST software is used by major companies like Amazon, Flipkart, and Infosys.[37]

FAQs

What is ClearTax?
ClearTax is a fintech company offering tax filing, GST compliance, and mutual fund investment solutions in India.[38]
Who founded ClearTax?
It was founded by Archit Gupta, Srivatsan Chari, Ankit Solanki, and Raja Ram Gupta in 2011.[39]
What are ClearTax’s main products?
Key offerings include income tax e-filing, GST software, mutual fund platforms, and business incorporation services.[40]
Is ClearTax part of Startup India?
Yes, it is registered under Startup India, availing tax exemptions and IP benefits.[41]

External Links

Related Startups

References

  1. ↑ "ClearTax Company Profile & Funding". Crunchbase. Retrieved 21 May 2025.
  2. ↑ Rajiv (19 October 2020). "How ClearTax Is Transforming To A Full-stack Fintech Player". Forbes India. Retrieved 21 May 2025.
  3. ↑ Gooptu, Biswarup (25 October 2021). "ClearTax raises $75M in Series C funding". The Economic Times. Retrieved 21 May 2025.
  4. ↑ "ClearTax Leadership". cleartax.in. Retrieved 21 May 2025.
  5. ↑ "ClearTax". Golden. Retrieved 21 May 2025.
  6. ↑ "ClearTax". Golden. Retrieved 21 May 2025.
  7. ↑ Sharma, Rituparna (31 July 2021). "Clear(Tax) is planning for major acquisitions". Business Insider India. Retrieved 21 May 2025.
  8. ↑ Mishra, Ashish (15 June 2017). "ClearTax launches GST software for SMEs". Livemint. Retrieved 21 May 2025.
  9. ↑ "ClearTax". StartupIndia. Retrieved 21 May 2025.
  10. ↑ Gooptu, Biswarup (10 April 2018). "ClearTax acquires TOOTL to boost content offerings". The Economic Times. Retrieved 21 May 2025.
  11. ↑ "ClearTax". Golden. Retrieved 21 May 2025.
  12. ↑ Soni, Yatti (12 March 2020). "ClearTax acquires Karvy's GST business". Business Standard. Retrieved 21 May 2025.
  13. ↑ Upadhyay, Harsh (25 October 2021). "Fintech startup Clear bags $75 Mn". Entrackr. Retrieved 21 May 2025.
  14. ↑ "ClearTax Company Profile & Funding". Crunchbase. Retrieved 21 May 2025.
  15. ↑ "ClearTax Company Profile & Funding". Crunchbase. Retrieved 21 May 2025.
  16. ↑ Gooptu, Biswarup (6 April 2016). "ClearTax raises $12 million from SAIF Partners". The Economic Times. Retrieved 21 May 2025.
  17. ↑ Russell, Jon (24 October 2018). "ClearTax raises $50M for India's tax season". TechCrunch. Retrieved 21 May 2025.
  18. ↑ Upadhyay, Harsh (25 October 2021). "Fintech startup Clear bags $75 Mn". Entrackr. Retrieved 21 May 2025.
  19. ↑ "ClearTax Company Profile". StartupTalky. Retrieved 21 May 2025.
  20. ↑ "Clear company information". Dealroom.co. Retrieved 21 May 2025.
  21. ↑ Sharma, Rituparna (18 August 2020). "Clear(Tax) partners with ICICI Bank for business accounts". Business Insider India. Retrieved 21 May 2025.
  22. ↑ "Free Income Tax efiling in India". cleartax.in. Retrieved 21 May 2025.
  23. ↑ Mishra, Ashish (15 June 2017). "ClearTax launches GST software for SMEs". Livemint. Retrieved 21 May 2025.
  24. ↑ "ClearTax". cleartax.in. Retrieved 21 May 2025.
  25. ↑ "Startup Registration India". cleartax.in. Retrieved 21 May 2025.
  26. ↑ "ClearTax". StartupIndia. Retrieved 21 May 2025.
  27. ↑ "ClearTax Company Profile & Funding". Crunchbase. Retrieved 21 May 2025.
  28. ↑ Gooptu, Biswarup (15 March 2022). "ClearTax expands to GCC markets". The Economic Times. Retrieved 21 May 2025.
  29. ↑ "Company Registration Online". cleartax.in. Retrieved 21 May 2025.
  30. ↑ Gooptu, Biswarup (10 April 2018). "ClearTax acquires TOOTL to boost content offerings". The Economic Times. Retrieved 21 May 2025.
  31. ↑ "ClearTax". Golden. Retrieved 21 May 2025.
  32. ↑ Soni, Yatti (12 March 2020). "ClearTax acquires Karvy's GST business". Business Standard. Retrieved 21 May 2025.
  33. ↑ Sharma, Rituparna (31 July 2021). "Clear(Tax) is planning for major acquisitions". Business Insider India. Retrieved 21 May 2025.
  34. ↑ "ClearTax Company Profile". StartupTalky. Retrieved 21 May 2025.
  35. ↑ Rajiv (19 October 2020). "How ClearTax Is Transforming To A Full-stack Fintech Player". Forbes India. Retrieved 21 May 2025.
  36. ↑ Gooptu, Biswarup (25 October 2021). "ClearTax raises $75M in Series C funding". The Economic Times. Retrieved 21 May 2025.
  37. ↑ "ClearTax". StartupIndia. Retrieved 21 May 2025.
  38. ↑ "ClearTax". cleartax.in. Retrieved 21 May 2025.
  39. ↑ "ClearTax". Golden. Retrieved 21 May 2025.
  40. ↑ "ClearTax". StartupIndia. Retrieved 21 May 2025.
  41. ↑ "Startup India: Eligibility, Tax Exemptions and Incentives". cleartax.in. Retrieved 21 May 2025.
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