In its latest round of funding, ClearTax, an Indian income tax returns e-filing website, has secured an angel investment of $1.3 million recently by top Silicon Valley angels.
Making their way in to this list are many like PayPal co-founder Max Levchin who marks his first India-focussed investment with ClearTax's funding. The investment will be used by ClearTax to further its mission of simplifying the process of tax filing through technology.
While the investment itself is noteworthy for the country's start-up industry, what is even more encouraging for the Bengaluru-based start-up is the fact that the funding round was participated in by investors with vital industry experience behind them.
Some of the other names include Scott & Cyan Banister (serial investors in ventures such as Uber, SpaceX, Postmates and Zappos), WhatsApp's business head Neeraj Arora, AngelList Founder & CEO Naval Ravikant, Dropbox VP Ruchi Sanghvi, Y Combinator alum Sumon Sadhu and Flexport's Founder & CEO Ryan Petersen.
"Having these industry leaders, with trenchant knowledge and understanding of the fintech industry, choose ClearTax for such a big investment is a measure of their belief in our vision, business model and execution capability. This development is a massive shot in the arm for us, and will encourage us to push on and achieve greater landmarks in the future in terms of the quality of our service," a ClearTax spokesperson said.
A fintech start-up which helps millions of Indians e-file tax returns, ClearTax was only the fourth Indian start-up to be funded by Y Combinator and the first one which focussed on the Indian market. ClearTax believes the latest funding highlights the sheer potential they hold in revolutionising the fintech landscape of the country.
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