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 is best known for its online tax service, which is far simpler and faster to use than the service offered by the government. More than one million Indians have filed tax returns using ClearTax, the company said, although that represents just a fraction of the estimated 60 million plus that will use other online services to file this year (India is pushing to make all tax filings online by 2016). Beyond continuing to improve its core service and increase usage of it, ClearTax is also developing three new financial products to expand its reach.