Business, Startups

Y Combinator Backs ClearTax, First YC investment focussed on the Indian market

Silicon Valley incubator  Y Combinator, a startup accelerator has invested USD 120,000 (INR 72 Lakh) in Delhi-based startup ClearTax. This is YC’s first investment in a startup that is solely focused on the Indian market. Also, it had funded startups like Dropbox, Airbnb, Reddit, Disqus, Stripe, etc.

Quote from Y Combinator:

Kat Manalac (Partner at Y Combinator): “We were impressed with the founders of ClearTax and excited by the rate of their growth. E-filing is only 6 years old in India, and ClearTax is in a space that will see a lot of growth in the next few years. It’s projected that 42 million people in India will be e-filing by 2016. ClearTax is making it easier and more affordable for people to file their taxes online, so we saw a huge opportunity there.”

Quote from CEO of ClearTax:

Archit Gupta, Founder and CEO of ClearTax: “We are excited to announce that we have raised an investment from Y Combinator, and are part of their Summer 2014 batch. ClearTax is on a mission to simplify tax return filing online for India and using technology to simplify financial lives of people. We are one step closer to that goal today.”

Also Read: Helpshift raises USD 10 million in Series A from Intel & others

Launched in 2011, ClearTax is an Indian tax filing website. 3 Lakh users have used its services in the past. This year, ClearTax’s services is expected to be adopted by 6 lakhs users. Among its customers, it includes Royal Bank of Scotland, In-Mobi and Flipkart.

The company is also provides a cloud based platform for Chartered Accountants and tax professionals in India. It is a way for filing Income Tax Returns online in India. All the user has to do is upload their Form-16 and the user’s tax return is prepared for the user to view and edit. 

ClearTax also downloads the users Form-26AS information from the Tax Department in real time helping the user claim proper tax refunds. It creates the tax filing experience with great UI and design.

The firm was co-founded by Archit Gupta who started the company with his father Raja Ram Gupta, AnkitSolanki and Srivatsan Chari.

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