The developer of Clear Tax application Clear (née ClearTax), a popular fintech SaaS company, announced today a USD 75 million Series C fund raise led by Kora Capital, alongside global fintech Stripe, Alua Capital, Think Investments and existing investors. Clear plans to deploy the funds to pump up expansion into B2B credit and payments plus expansion into international markets.
Clear’s SaaS platform has witnessed a incredible 5x growth in the last 18 months adding 3000+ large enterprise customers. The platform also found a surge in usage with over 1 million small businesses on the platform. The Clear Tax platform now processes over 10% of India’s business invoices with a GMV of $400 billion.
Clear plans to accelerate growth in SaaS Business
Indian businesses are rapidly digitizing with a strong push for digitization from the Indian government’s push. Accelerated by a fully digital rollout of GST and mandatory e-invoicing, Clear is India’s formidable SaaS provider in this sector. Recently, Clear acquired yBANQ, announcing its expansion into B2B payments. The latest fund raising will help accelerate the company’s growth in payments and credit and take its product suite to international markets where similar shifts are taking place.
clear aims to serve over 10,000 large enterprises and 10 million small businesses over the next couple of years.
Archit Gupta, Clear’s Founder and CEO, said, “We welcome Kora, Stripe and our other incoming investors. Kora has strong experience in technology players in emerging markets and Stripe is a global technology company that builds economic infrastructure for the internet – we are excited to learn from both of them. India is on a massive digitisation journey and we are fortunate to be in the perfect storm of electronic invoicing, GST, UPI, cheap mobile internet and rapid adoption of technology due to Covid-19. We are doubling down on our SaaS platform to help businesses with collateral free debt and payments. This funding also gives us fuel for our international expansion.”
Nitin Saigal, Kora’s Founder and CIO said: “We are excited to partner with Clear as they innovate at scale in the Indian SaaS ecosystem, enabling Enterprises and SMEs to automate their workflows around taxation, invoicing and several other adjacencies. We look forward to Clear’s journey in the Indian and global markets.”