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