India-based tax software startup ClearTax raised a $12M Series A from SAIF Partners. Backers in its Series Seed financing, executed just one month ago, include Founders Fund, Sequoia, and notable angels such as PayPal co-founder Max Levchin, early WhatsApp exec Neeraj Arora and AngelList’s Naval Ravikant. The company, best known for simplifying tax filings for individuals in India, plans to expand its product offerings for businesses and investments.
ClearTax, which helps Indians file their tax returns online with minimum stress, is on a roll this year. The Bengaluru-based company, which graduated Y Combinator two years ago, announced a $12 million Series A round today, just one month after closing a $2 million seed round following an initial $1.3 million raise. ClearTax CEO and founder Archit Gupta told TechCrunch that three announcements over such a short period wasn’t the company’s plan, but that is how the funding materialized. “It was not visible for us whether we could do a Series A so quickly,” he said in an interview. “2016 has been a year that is slow so we expected it to be more difficult.”