Composite Capital leads $50m round for India's ClearTax

The company said in a statement that it would use the capital for marketing, an infrastructure upgrade, and efforts to attract more enterprise and retail customers with an immediate focus on millennials. It is also expected to expand its engineering staff.

ClearTax claims to operate India’s largest tax filing platform with more than 2.5 million customers. It offers income tax, goods and services tax (GST), and mutual fund investment support services by networking some 20,000 accountants and financial services professionals.

The company says its GST software is in use by about 360,000 small to medium-sized enterprises and more than 500 large enterprises. Earlier this year, it acquired content management software provider Greeblu Enterprises for an undisclosed sum. 

SAIF Partners led a $12 million Series A round for the company in 2016 less than a month after a $2 million pre-Series A from Sequoia Capital India and Founders Fund, a vehicle associated with PayPal co-founder Peter Thiel. Other backers include Paytm founder Vijay Shekhar Sharma.

Composite Capital was founded in 2016 by David Ma, a former partner at Hillhouse Capital. According to The Wall Street Journal, the firm adopts an equity-oriented strategy focused on long-term investments and value creation, which is similar to Hillhouse’s investment approach.

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• Topics
• South Asia
• Financials
• Technology
• Early-stage
• India
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• tax