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ClearTax raises $12 million from SAIF Partners; plans product for GST

ClearTax, an income tax returns e-filing website, has raised $12 million (about Rs 80 crore) in Series-A investment round. The funding round, was led by Ravi Adusumalli of SAIF Partners who will also be joining the company's board. In a conversation with MediaNama, Archit Gupta, Founder & CEO of ClearTax said that the funding will be used for three aspects. The company is looking to build up the tech team and scale up the engineering team. He also said that the company will be hiring in senior leadership roles. Cleartax will also be bringing new products to market in the tax saving and investment side. Software for GST: In terms of product expansion, Gupta said that since the Goods and Services Tax (GST) is coming out, as a tax company, it would like to focus and dominate the GST segment. The company will soon be launching a software which will help in filing the GST. He also stated that the company will be focusing on tax saving and investment and will soon be launching more products for that segment. “We are also focusing on business tax returns like Income tax returns and TDS, with self-service and assisted models of our products,” he added. Expansion of team: The company stated that it will raise the overall team size to 300 employees by the end of the year. ClearTax is also building up its executive leadership team in the areas of Business and Engineering, and has recently hired executives from Flipkart and…

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