.₹ 8.6 crore from the Val­ley will Keep the Books Open at ClearTax

The Economic Times - - Disruption: Startups & Tech - Biswarup.Gooptu @times­group.com

New Delhi: Fi­nan­cial tech­nol­ogy startup ClearTax has raised $1.3 mil­lion (.`8.6 crore) in seed fund­ing from a group of prom­i­nent Sil­i­con Val­ley in­vestors, a list that in­cludes PayPal co­founder Max Levchin and Scott Banis­ter, an early in­vestor in Face­book and Uber.

The in­vest­ment in ClearTax is also the first such made by Levchin in an In­dian startup, and the five year-old

MAXLEVCHIN Co­founder, PayPal We strongly be­lieve in In­dian mar­ket, where the me­dian age is 25 & fin­tech prod­ucts on mo­bile will see deep adop­tion

Ben­galuru-based com­pany will use the pro­ceeds to­wards new prod­uct launches, ex­pand­ing the size of its team, and fur­ther build­ing its mobi- le strat­egy. “ClearTax is the dom­i­nant mar­ket leader in taxes in In­dia with a strong fo­cus on con­sumers and SMEs…We strongly be­lieve in the In­dian mar­ket, where the me­dian age is 25 and fin-tech prod­ucts on the mo­bile will see deep adop­tion,” Levchin said.

Levchin, who co­founded PayPal, the global on­line pay­ments sys­tem, along with Peter Thiel and Elon Musk, is known to be a mem­ber of the PayPal Mafia, mem­bers of which have gone on to found and de­velop some of the lead­ing tech­nolo- gy com­pa­nies in the world, in­clud­ing Tesla Mo­tors, Palan­tir Tech­nolo­gies and LinkedIn, among oth­ers.

Ear­lier this month, ET had re­ported that ClearTax had brought three se­nior Flip­kart ex­ec­u­tives on board for var­i­ous lead­er­ship po­si­tions across its tech­nol­ogy func­tions. Pras­anth Nair, a for­mer di­rec­tor at Flip­kart, joined as vice pres­i­den­tengi­neer­ing, with Jai San­tosh, who led the Flip­kart Lite team, and Aakash Bapna, who was also roped in.

“We are in the process of launch­ing new prod­ucts, cater­ing to our SME and en­ter­prise clien­tele, which will fo­cus on in­voic­ing and pay­roll. Our mo­bile app will be out next month as well,” said Ar­chit Gupta, chief ex­ec­u­tive of ClearTax.

Other seed-stage in­vestors, who have par­tic­i­pated in the syn­di­cated round of fund­ing, in­clude Naval Ravikant, founder of An­gelList, the crowd­fund­ing so­cial net­work for early-stage in­vestors; What­sApp busi­ness head Neeraj Arora; and Ruchi Sanghvi, vice pres­i­dent - Oper­a­tions at Drop­box; among oth­ers.

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