Income tax returns e-filing website ClearTax has secured an angel investment of $1.3 million from top Silicon Valley angels. ClearTax was founded in 2011 by the father-son team of Raja Ram Gupta and Archit Gupta, Srivatsan Chari and Ankit Solanki, ClearTax is the fourth Indian start-up funded by Y Combinator and the first to target the Indian market. ClearTax will use the newly secured funding to simplify the process of tax filing through technology, according to the release.
Well-known entrepreneurs and investors include PayPal co-founder Max Levchin; Scott and Cyan Banister, who have invested in ventures such as Uber, SpaceX, Postmates and Zappos; WhatsApps’ business head Neeraj Arora; AngelList Founder and CEO Naval Ravikant; Dropbox VP Ruchi Sanghvi; Y Combinator alumni Sumon Sadhu and Flexport’s Founder and 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,” observed ClearTax Founder-CEO Archit Gupta.
ClearTax brought three senior Flipkart executives on board –Prasanth Nair, a former director at Flipkart, Jai Santosh, who led the Flipkart Lite team and Aakash Bapna — for leadership positions across its technology functions. ClearTax helps clients file their tax returns, incorporating companies and undertaking service tax registrations for a fee.