Clear Eyes Global Expansion After $ 75 Million Fundraiser
BENGALURU : clear, one Online tax and fintech software provider, formerly named ClearTax, has raised $ 75 million in its Series C fundraiser led by Kora Capital with participation from global fintech Stripe, Alua Capital and Think Investments.
Stripe’s investment in Clear comes just days after the US fintech made its first acquisition in India, acquiring Bengaluru-based reconciliation software provider Recko.
Clear plans to use the funds to expand its offerings for business customers as it seeks to introduce products for payments and invoice discounts. The company will also seek to gain a foothold in international geographies, including Saudi Arabia, the United Arab Emirates and Western Europe.
The company will double its product, engineering and design functions, hiring 250 new team members in the coming months.
âToday, companies are asking us for new use cases on the platform. We are looking to add invoice (credit) discounts to our software offering, while allowing businesses to automate supplier payments among other use cases. Internationalization is another growth driver for Clear. As Indian fintech is ahead of the international curve, it helps us effectively serve clients in overseas geographies and gives us a considerable head start in our international expansion â, said Archit Gupta, Founder and CEO of Clear, in an interaction with mint.
The current fundraiser values ââClear at around $ 700 million, a person familiar with the talks told Mint on condition of anonymity. Gupta declined to comment on the company’s assessment.
Clear plans to establish a presence in Saudi Arabia over the next two months and expand its presence in the UAE and Western Europe by April 2022.
Currently, Clear has two main lines of business. Thanks to its general public offer, âBLACKâ, the platform allows individuals to file income tax returns and build up assets by investing in mutual funds. It also provides a software as a service (SaaS) platform for businesses to help pay GST invoices, create electronic invoices, and pay invoices digitally.
It also provides its software to over one million small and medium-sized businesses (SMEs) helping them report their GST and allowing them to plan their taxes, while providing payment reconciliation support.
It rolled out the “BLACK” platform to customers in April this year, starting from the private beta, and already has nearly 500,000 customers using the platform. The company is currently in talks with private banks to offer consumer loans on the platform in 2022.
Over 6 million users use Clear’s web and app platform to calculate their taxes. It plans to launch an invoice credit offer for its more than 3,000 business customers by next year.
“We are excited to partner with Clear as they innovate at scale in the Indian SaaS ecosystem, enabling businesses and SMEs to automate their workflows around tax, invoicing and several other elements. adjacent. We look forward to Clear’s journey to Indian and global markets, âsaid Nitin Saigal, Founder of Kora Management LP.
Clear seeks to achieve overall profitability over the next 18 months and aims for public listing by 2024.
In June, the company announced the acquisition of Y Combinator-backed corporate payments start-up, yBANQ, in a cash and stock transaction. With this fundraising, it will seek to make four acquisitions next year to strengthen its credit and payment capacities as well as to accelerate its international expansion.
Clear also plans to expand its presence to 10,000 businesses and 10 million customers over the next two years.
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