Tax platform Quicko said to raise $277k to support enhancement of services

Digital tax platform Quicko has reportedly raised INR 2 Cr ($277,000) in seed funding from Rainmatter Capital.

The investment will be used to deepen its income tax return filing service as well as provide its customers with access to the online stockbrokerage Zerodha, according to several reports in the media.

India-based Quicko is a free tax platform for people in India, helping consumers with tax planning, preparation and filing for individuals and businesses. Its technology is designed to guide users through the tax process smoothly, removing paperwork and ensuring data is secure.

Earlier in the week, fellow Indian FinTech closed its own funding round on INR 18 Cr ($2.4m). The startup offers a digital platform for consumers to conduct mutual fund investments and the capital will help it to grow its team and capabilities.

India’s FinTech sector has dominated by the payments and remittance sector, FinTech Global data shows. Of the total $16.6bn to be invested into the country’s FinTech scene since 2014, 70.9% of this has gone to enterprises building payment services.

Marketplace lending makes up the second largest segment with a 12.5% share, followed by InsurTech and WealthTech with 6.1% and 4.7% shares, respectively.

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