ClearTax said to raise $50m in round led by Composite

Online tax automation platform ClearTax has reportedly raised $50m in its latest equity financing round.

The round was led by Composite Capital, with contributions also coming from previous backers Sequoia Capital and SAIF Partners, according to a number of reports in the media.

India-based ClearTax provides individuals and enterprises with a solution to better prepare and file their income tax return. The platform offers users a cloud-based solution to handle their tax filings digitally, helping to simplify the whole process and maximise any savings.

Through the solution, users can also gain access to mutual fund investments, with a number of different plans available and customisable. Investors can choose what they want to back and can invest to equity funds, ELSS funds, balanced funds, debt funds, aggressive SIPS and small and midcap funds.

Through the new line of funding, the company will look to accelerate its growth, bolster its product and technology, and boost its operations, the articles said.

Last month, fellow tax support platform Taxfyle closes its Series A round on $4.1m, with Rokk3r Fuel Ex0. The company matches and connects customers to licensed certified public accounts and IRS enrolled agents who perform tax and accounting work on their behalf.

Sequoia India recently held the $695m final close for its fifth vehicle, falling short of its predecessor which bagged $920m.

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