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ClearTax acquires an app-based personalization engine TOOTL

Income tax returns e-filing platform ClearTax has acquired Greeblu Enterprises, which runs an infotainment app TOOTL, which offers personalised content to its readers using predictive analysis modelling. The company did not disclose the financial details of the transaction.

Launched by Arpit Mehta and Parijat Banerjee, TOOTL is an app that understands the reader’s preferences and accordingly personalised relevant content across genres like entertainment, sports, food, etc, the user would want to explore further.

ClearTax said in its statement that it will use TOOTL’s technology to curate personalised tax, finance and compliance related content on its website, and aims to enhance customer engagement and provide tailored content based on income, financial goals, age and other parameters. “This would help our customers make informed financial decisions, taking us a step closer to our mission of simplifying finance for Indians,” said Archit Gupta, Founder and CEO, Cleartax. The company currently claims to have a user base of 2.5 million taxpayers in India.

ClearTax was launched in 2011, and since then it is company’s first acquisition. The company had raised $12 million (about Rs 80 crore) in Series-A investment in June 2012, in a round led by Ravi Adusumalli of SAIF Partners. Before that, it bagged $2 million from venture capital firms Sequoia Capital India, and Paypal co-founder Peter Thiel’s Founders Fund Angel, a seed-stage venture firm. It also got funding of $1.3 million initially from PayPal co-founder Max Levchin, Scott & Cyan Banister, WhatsApp’s Business Head Neeraj Arora, AngelList Founder & CEO Naval Ravikant and Dropbox VP Ruchi Sanghvi among others.

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