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<ul><li><keyword id="404121" type="PERSON" weightage="20" keywordseo="clear">Clear</keyword>, formerly known as <keyword id="2763190" type="PERSON" weightage="20" keywordseo="Cleartax">ClearTax</keyword>, is planning to hire across verticals like tech, product and marketing.</li><li>The company is reportedly in talks with Tiger Global to raise $100 million, at a valuation of $800 million.</li><li>The company claims to facilitate 10% of India’s B2B invoices, with a trade value of $300 billion, annually.</li></ul>Fintech software-as-a-service (<keyword id="6395918" type="UNKNOWN" weightage="20" keywordseo="SAAS">SaaS</keyword>) company Clear, formerly known as ClearTax, has been going aggressive about its growth plans since the start of 2021. It started with the rebranding, to launching of new products, to the recent acquisition of yBANQ. But this plan does not end here. In order to accelerate growth and become a full stack financial services provider, Clear would be focusing on two core strategies — hiring and acquisition. The company plans to hire more than 100 employees across verticals to aid its organic growth, the company’s cofounder Srivatsan Chari told Business Insider in an exclusive interaction. The hiring would range across leadership roles, mid-senior positions to junior roles. According to the company’s website, there are vacancies in marketing, finance, sales, human resources, engineering, design, product, strategy, category, support and legal roles. Earlier in January, Clear on-boarded former MedLife executive <a href="https://www.linkedin.com/in/paranth-thiruvengadam-2567719/?originalSubdomain=in">Paranth Thiruvengadam </a>as chief technology officer (CTO) of the company. Since then, the company has made several changes across product and technology teams. Key changes at Clear in the last six months: <table style="border-width: initial; border-style: none;"></colgroup></colgroup><tbody><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Paranth Thiruvengadam </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">CTO </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Akhil Bansal </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Director, Product </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Naveen Kumar Jain </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Director of Engineering </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Pranesh Vittal </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Director of Engineering </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Vinish Varghese </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Director, Design </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Ankit Saxena </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Head of Operations </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Amit Gupta </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">National Sales Head, Enterprise </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sandeep Singh </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Senior Director of Product </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Esha Savla </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Director, Customer Experience </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Ankur Agrawal </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Director, Strategy </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Mayank Parihar </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Director, Business Finance </td></tr></tbody></table> On the acquisition side of the plan, it has already acquired Y Combinator-backed business-to-business (B2B) payments startup yBANQ to enter the B2B payments and credit market. There is more to come in the near future. Chari told Business Insider that they are currently building several products, particularly for small and medium enterprises (SME) domain and enterprises, in-house. However, they will be relying on acquisitions to enter more niches and segments. “There are capabilities or certain industries, like payments, where you want a lot of experience or technologies. So that's basically where acquisitions come in, so it is going to be a multi-pronged strategy. We are going to build and we will be acquiring also to just leapfrog our growth.” — Clear cofounder Srivatsan Chari told Business Insider in an exclusive interaction. Clear’s product journey from e-filling to full stack payments system Clear was founded by Archit Gupta, Ankit Solanki and Srivatsan Chari in 2011 as ClearTax. The company started its journey as a fintech startup that offers solutions for income tax filing online. The company witnessed its first surge in 2016, when the Indian government made e-filing mandatory. This was also the year the Indian government introduced the Goods and Service Tax (GST) that came into force on July 1 of 2017. Clear made the decision to expand their business offering, by providing tax-filing services to enterprises. The company offers solutions, including GST and e-filing bill software, along with business incorporation and compliance services for enterprises. It had also launched a wealth management platform for tax saving and mutual funds in January 2020. The Bengluru-based startup, across its verticals, caters to four groups — consumer, small medium business (SMB), enterprises and tax experts such as chartered accountants (CA) or accountants. "We have evolved from income tax compliance to full-stack compliance, invoicing, and financial serices firm. We cater to not only individual taxpayers, but also businesses, tax experts, and accountants. Today, we process about 10% of India's B2B invoices, over $300 billion of trade value every year, and contribute to 10% of India's e-invoice generation," Clear founder and chief executive (CEO) Archit Gupta told news agency PTI in a previous conversation. Upcoming fundraise still on the table The company currently has a customer base of 5 million Indian taxpayers, over one lakh tax practitioners, six lakh small businesses and 2,000 large businesses as well as brands. <table style="border-width: initial; border-style: none;"></colgroup></colgroup><tbody><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Year </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Round </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Investors </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2014 </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Undisclosed </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sumon Sadhu </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2016 </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">$1.3 million </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #000000 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Max Levchin, Scott Banister </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2016 </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">$2 million </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #000000 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Founders Fund, Sequoia Capital </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2016 </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">$12 million </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #000000 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Elevation Capital </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2018 </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">$50 million </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #000000 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Composite Capital Management </td></tr></tbody></table> The company has raised $65 million of equity funding from marquee investors like PayPal co-founders Peter Thiel’s Founders Fund, Max Levchin, Composite Capital, <keyword id="122716" type="CITY" weightage="20" keywordseo="Sequoia-Capital">Sequoia Capital</keyword>, and <keyword id="161314" type="COMPANY" weightage="20" keywordseo="SAIF-Partners">SAIF Partners</keyword>. It was the first Indian startup to have raised funding from Y Combinator. Clear is now said to be in talks with Tiger Global to raise a <a href="https://economictimes.indiatimes.com/tech/funding/tiger-global-may-lead-cleartax-funding-round-at-750-850-million-valuation/articleshow/81620600.cms">$100 million </a>funding round, at a valuation of $750 million-$800 million. The company’s co-founder Chari referred to these reports as media speculations, however, he also added that the company is in talks with certain undisclosed investors. Chari did not share any more information on the potential fundraising or valuation. "Conversation with people happen, but we don't have any news to share at this point," Chari told Business Insider. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/rolex-rings-ipo-last-day-for-subscription-allotment-on-august-4/articleshow/84864899.cms">Today is the last day of Rolex Rings’ ₹731 crore IPO with a price band of ₹880-900</a> <a href="https://www.businessinsider.in/science/news/nasa-has-delayed-boeings-spaceship-flight-after-a-russian-module-pushed-the-space-station-out-of-position/articleshow/84876573.cms">NASA has delayed Boeing's spaceship flight after a Russian module pushed the space station out of position</a> <a href="https://www.businessinsider.in/tech/mobile/news/googles-sundar-pichai-has-teased-the-whitechapel-chipset/articleshow/84853916.cms">Google teases Whitechapel chipset that may power Google Pixel 6 devices</a>

Clear(Tax) is planning for major acquisitions as it looks to 'leapfrog' its growth

<ul><li><keyword id="944108" type="General" weightage="20" keywordseo="stripe" source="Orion">Stripe</keyword> participated in the $75 million funding round of <keyword id="404121" type="General" weightage="20" keywordseo="clear" source="Orion">Clear</keyword>, formerly known as <keyword id="2763190" type="General" weightage="20" keywordseo="cleartax" source="Orion">ClearTax</keyword>.</li><li>The acquisition of Recko and the investment in Clear is a part of Stripe’s expansion beyond payments acceptance.</li><li>Clear believes that it has found its product market fit and wants to try its hands in western countries like the UK, Europe and Middle East.</li></ul>Software-as-a-service (SaaS) company Clear, formerly known as ClearTax, bagged<a href="https://www.businessinsider.in/business/startups/news/cleartax-has-bagged-75-million-from-worlds-highest-valued-fintech-startup-stripe-and-others-to-fuel-its-international-expansion/articleshow/87250988.cms"> $75 million last week</a> from several marquee investors to fulfill its extensive expansion plans. The one name that stood out among all the investors was Stripe, the world’s highest valued fintech startup. Dublin and San Francisco-based Stripe — valued at $95 billion — is an online payment processing and credit card processing platform for businesses. The company has raised $2.2 billion to date and is backed by tech giant Google. Stripe made its first investment in India two weeks ago by<a href="https://stripe.com/newsroom/news/recko"> acquiring</a> Bengaluru-based finance operating platform Recko. Recko automates key steps in the payments reconciliation process that slow most businesses down. The acquisition of Recko is a part of Stripe’s expansion beyond payments acceptance, the company said in a press release. “With Recko, we’ll automate their payments reconciliation, a critical input into their overall financial health,” Stripe’s Chief Product Officer Will Gaybrick added. Recko is definitely going to gain from Stripe with access to a much larger user base, but what does Clear have to gain from it? More importantly, what can Stripe gain out of it? Clear’s horizontal SaaS model allows Stripe to enter several domains at once Stripe has confirmed that it is looking to go beyond payments and enter other domains of financial services. Clear’s horizontal SaaS model allows it to work in several domains on financial services all at once, including invoicing, payments, taxes, credit and lending. This company caters to four groups of customers — consumer, small and medium businesses (SMB), enterprises and tax experts such as chartered accountants (CA) or accountants. Archit Gupta, cofounder and chief executive officer (CEO) of Clear, told business Insider that the horizontal SaaS model allows the company to focus on a larger and more varied set of customers. The company has launched one product to help small businesses meet their working capital demand and is underway to launch another one soon. “To run so many things in parallel, we needed capital,” the company said. The Bengaluru-based startup claims to have over 6 million Indians registered on its platform, along with 50,000 tax professionals, 1 million small businesses and 3,000 large enterprises. The company will use a part of this funding for engineering, product and design to add more products to its umbrella. The company will be looking to expand into the payments and credit side. In a previous conversation with Business Insider, Clear’s cofounder Srivatsan Chari added that it will be looking to <a href="https://www.businessinsider.in/business/startups/news/cleartax-is-planning-for-major-acquisitions-as-it-looks-to-leapfrog-its-growth/articleshow/84880048.cms">acquire more businesses </a>to expand its offerings. <div type="image" title="Here is why Clear(Tax) clinched a deal with the world&amp;#39;s most valued fintech company" msid="87509702" hostid="261"></div> The synergy between the two players gets stronger with Clear’s international plans Second and the most important part of Clear’s expansion plan is increasing its geographic footprint and Stripe can be a worthy partner here, given its presence across 135 countries across the globe. Clear believes that its Indian software stack has a global fit and like other SaaS products it wants to try its hands in western countries like UK, Europe and Middle East. Though the company is yet to confirm the markets they would be launching in, the deadline has been set for December 2021. Gupta told Business Insider that the international markets are much larger compared to India. The company expects the international operation to contribute a major chunk of revenue. India will continue to be a significant contributor but not a majority one, Gupta said. Commenting on the synergies between Stripe and Clear, Gupta added, “We are very excited to partner and to learn and prosper more learning on both sides. We’ll learn more and after the quarter I will be able to answer this question much more sharply. But excited to learn and discover. They have a great global vantage point and they are very global in their approach, we are learning global.” “They obviously understand billing very deeply, invoicing very deeply. They understand payments, lending and they got into taxes more recently. I find that the roadmap overlap is amazing. My hypothesis is that we will collaborate much more globally but like I said we’ll be able to answer that question more clearly in 90 days” he added. Ankur Bansal, co-founder of BlackSoil Capital, in a <a href="https://www.businessinsider.in/tech/enterprise/news/amazon-twitter-hyundai-and-dominos-are-buying-indian-software-fuelling-a-75-billion-dream-chased-by-top-vcs-like-sequoia-and-tiger-global/articleshow/85646116.cms">previous interaction </a>with Business Insider said that it’s almost a given for all SaaS companies, who have found their product-market fit, to think global. Having global customers changes the valuation of a SaaS company “dramatically” and offers much better margins to the company. Profitability may only be 18 months away The international expansion plans also flag off Clear’s road to profitability. The company — which claims to be recording a 100% year-on-year growth in its revenue on an annual basis — noted that it will increase the prices of its software solutions by five-six times in India in order to increase the average revenue per user (ARPU). This will be in addition to launching its services abroad, where price points of software products and customer’s ability to pay are much higher. The combination of the two will make the profit margin on Clear’s product even more higher on a consolidated level. Clear — founded in 2011 as ClearTax — posted a revenue of ₹60 crore in the financial year 2020. Keeping the 100% annual increase in revenue, the company’s revenue should be somewhere close to ₹120 crore in FY21. “The financing brings two things — partnership and fuel for expansion. The in depth business is exploding right now. There are massive tailwinds to the business we have built so far. What that means is that India’s digitisation from the government push is very very serious. There have been a lot of COVID-related tailwinds,” Gupta said, adding that companies are getting more serious about digitising. SEE ALSO <a href="https://www.businessinsider.in/business/news/the-strong-financial-performance-of-makemytrip-easemytrip-and-irctc-hints-towards-a-larger-travel-recovery-in-india/articleshow/87503220.cms" data-type="tilCustomLink">The strong financial performance of MakeMyTrip, EaseMyTrip and IRCTC hints towards a larger travel recovery in India</a> <a href="https://www.businessinsider.in/tech/apps/news/whatsapp-may-soon-allow-you-to-delete-messages-going-back-several-years/articleshow/87500597.cms">WhatsApp may soon allow you to delete messages going back several years</a> <a href="https://www.businessinsider.in/stock-market/news/data-analytics-firm-latent-view-analytics-ipo-to-open-on-november-9/articleshow/87501115.cms">Data analytics firm Latent View Analytics’ IPO to open on November 10</a>

Here is why Clear(Tax) clinched a deal with the world's most valued fintech company

<ul><li><keyword id="404121" type="General" weightage="20" keywordseo="clear" source="Orion">Clear</keyword>, formerly known as ClearTax, has raised $75 million in a funding round led by Kora Capital.</li><li>The intends to use this fundings to accelerate its expansion into B2B credit and payments space, and expand internationally.</li><li>All this is a part of Clear’s plans to accelerate its growth and become a full stack financial service provider.</li></ul>Fintech software-as-a-service (SaaS) company Clear, formerly known as ClearTax, has raised $75 million in a funding round led by Kora Capital. United States-based online payments processing platform Stripe — which was valued at<a href="https://indianexpress.com/article/explained/explained-what-is-stripe-the-us-startup-valued-at-95-billion-7229364/#:~:text=With%20a%20%24600%20million%20fundraise,a%20valuation%20of%20%2495%20billion."> $95 billion </a>— also participated in the round, along with Alua Capital, Think Investments and existing investors of the Indian company. Stripe is the highest valued fintech startup in the world, as per <a href="https://www.cbinsights.com/research-unicorn-companies">CBI Insights</a>. Clear was founded by Archit Gupta, Ankit Solanki and Srivatsan Chari in 2011 as ClearTax. It started its journey as a fintech startup that offers solutions for income tax filing online, and has introduced several new products in the last couple of years. It now has solutions and products for four groups — consumer, small medium business (SMB), enterprises and tax experts such as chartered accountants (CA) or accountants. The Bengaluru-based startup claims to have over 6 million Indians registered on its platform, along with 50,000 tax professionals, 1 million small businesses and 3,000 large enterprises. Clear intends to use this fundings to accelerate its expansion into business-to-business (B2B) credit and payments space. In a<a href="https://www.businessinsider.in/business/startups/news/cleartax-is-planning-for-major-acquisitions-as-it-looks-to-leapfrog-its-growth/articleshow/84880048.cms"> previous conversation</a> with Business Insider, co-founder Srivatsan Chari highlighted that Clear had acquired Y Combinator-backed business-to-business (B2B) payments startup yBANQ to enter the B2B payments and credit market. The company will also look to expand into international markets. All this is a part of Clear’s plans to accelerate its growth and become a full stack financial service provider. For this, the company would be focusing on two strategies — hiring and acquisitions, Chari had highlighted. He noted that Clear is currently building several products — particularly for small and medium enterprises (SME) domain and enterprises — in-house. However, they will be acquiring more businesses to enter more niches and segments. “There are capabilities or certain industries, like payments, where you want a lot of experience or technologies. So that's basically where acquisitions come in, so it is going to be a multi-pronged strategy. We are going to build and we will be acquiring also to just leapfrog our growth,” Chari told Business Insider in July 2021. <div type="image" title="Clear(Tax) has bagged $75 million from world&amp;#39;s highest valued fintech startup Stripe and others to fuel its international expansion" msid="87250971" hostid="261"></div> “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,” Archit Gupta, Clear’s founder and chief executive (CEO), added in the latest press note. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/loss-making-groww-is-now-the-most-valued-investment-platform-even-though-some-of-its-peers-make-profits/articleshow/87249142.cms" data-type="tilCustomLink">Loss-making Groww is now the most-valued investment platform even though some of its peers make profits</a> <a href="https://www.businessinsider.in/stock-market/news/reliance-industries-icici-bank-tata-elxsi-and-other-top-stocks-to-watch-out-for-on-october-25/slidelist/87247835.cms">Reliance Industries, ICICI Bank, Tata Elxsi and other top stocks to watch out for on October 25</a> <a href="https://www.businessinsider.in/business/startups/news/twitter-tencent-and-tiger-global-are-investing-in-vernacular-social-media-startups-sharechat-koo-and-public-app/articleshow/87207096.cms">Twitter, Tiger Global, Tencent and others have pumped in over $900 million into India’s vernacular social media platforms in a year</a>

Clear(Tax) has bagged $75 million from world's highest valued fintech startup Stripe and others to fuel its international expansion

<ul><li>Nykaa is likely to announce its share allotment status on November 8.</li><li>The public issue of the fashion and beauty ecommerce platform has been subscribed 82.42 times on the third and final day of the issue on November 1.</li><li>The company’s IPO has received bids for 216 crore equity shares against the IPO size of 2.62 crore equity shares.</li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider</a>.</li></ul>Fashion and beauty ecommerce platform Nykaa, owned by FSN E-commerce Ventures, is likely to announce the allotment status of its initial public offering (IPO) on November 8. The company received huge demand from investors, who had oversubscribed the IPO by 82.42 times. Overall, the IPO has received bids for 216 crore equity shares against the IPO size of 2.62 crore equity shares. The IPO was open for subscription from September 28 to November 1 with a price band of ₹1,085- ₹1,125 per share . The company is looking to raise ₹5,325 crore through public listing of shares. According to Nykaa’s red herring prospectus, the beauty and fashion ecommerce platform intends to use this capital for acquisition of customers as well as new businesses. It also plans to increase its international presence by foraying into the <a href="https://www.businessinsider.in/business/news/soon-to-be-listed-nykaa-plans-to-expand-to-middle-east-and-the-uk/articleshow/87257541.cms">Middle East as well as the United Kingdom</a>, before stepping into Europe. Here is how to check <keyword id="10858430" type="General" weightage="20" keywordseo="nykaa-ipo" source="Orion">Nykaa IPO</keyword> allotment status on stock exchange website: <ul><li>Go to the <a href="https://www.bseindia.com/investors/appli_check.aspx">BSE website</a> or NSE website<a href="https://www1.nseindia.com/products/dynaContent/equities/ipos/ipo_login.jsp"> here</a>.</li><li>On BSE, Select 'Equity' and then from the dropdown, select 'FSN E-commerce or Nykaa’.</li><li>Now, enter your application number and PAN.</li><li>Click on 'Search'.</li><li>Please note the details will only be available once the shares are allotted.</li></ul>You can also visit the registrar website (Link Intime India) to check your application status. <ul><li>Visit the registrar's website <a href="https://linkintime.co.in/MIPO/Ipoallotment.html">here</a>.</li><li>Click on 'Select company' and click on 'FSN E-commerce or Nykaa’.</li><li>Once the company is selected, you will have to enter either your PAN detail, the application number, or the client ID.</li><li>Enter the captcha and click ’submit’.</li></ul>Once you hit 'submit', the status of your application will appear on the screen. Please ensure the details that you provide are correct. It will show the number of shares you subscribed to and the number of shares allotted to you. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/here-is-why-cleartax-clinched-a-deal-with-the-worlds-most-valued-fintech-company/articleshow/87509691.cms">Here is why Clear(Tax) clinched a deal with the world's most valued fintech company</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/the-strong-financial-performance-of-makemytrip-easemytrip-and-irctc-hints-towards-a-larger-travel-recovery-in-india/articleshow/87503220.cms">The strong financial performance of MakeMyTrip, EaseMyTrip and IRCTC hints towards a larger travel recovery in India</a>

Nykaa IPO: Remember to check your allotment status tomorrow

Satya Nadella-run <keyword id="10387" type="CITY" weightage="20" keywordseo="Microsoft">Microsoft</keyword> is in advanced talks to invest in Airbnb-backed Indian budget hotel chain <keyword id="2808667" type="PERSON" weightage="20" keywordseo="OYO">OYO</keyword> at a valuation of $9 billion, the media reported on Friday. According to a TechCrunch report citing sources, a deal may close soon but the "proposed size of the investment is unclear". Both Microsoft and OYO declined to comment on the reports. The Ritesh Agarwal-run hospitality chain has Airbnb, Chinese ride-hailing giant Didi Chuxing and ride-hailing firm Grab as strategic investors. The news comes after OYO announced earlier this month that it has raised $660 million from global institutional investors as <keyword id="4462417" type="PERSON" weightage="20" keywordseo="tlb">TLB</keyword> (Term Loan B). A company statement had said that the offer was oversubscribed by 1.7 times and the company received commitments of close to $1 billion from leading institutional investors. "We are delighted by the response to OYO's maiden TLB capital raise that was oversubscribed by leading global institutional investors. We are thankful for the trust that they have placed in OYO's mission of creating value for owners and operators of hotels and homes across the globe," said Abhishek Gupta, Group Chief Financial Officer, OYO. The company said it will utilise these funds to retire its past debts, strengthen the balance sheet and other business purposes including investment in product technology, it said. OYO is the first Indian startup to be publicly rated by Moody's and <keyword id="82981" type="CITY" weightage="20" keywordseo="Fitch">Fitch</keyword>, two of the leading international rating agencies. The Microsoft deal "may also involve OYO shifting to use its cloud services," the report mentioned. OYO has aggressively been expanding its operations to several markets including Southeast Asia, Europe and the US in recent years. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/tech-mahindra-shares-price-jump-because-management-sees-a-10-plus-growth/articleshow/84882133.cms">Tech Mahindra shares surge as for the first time in over five years the management sees a 10% plus growth</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/cleartax-major-acquisitions-and-hiring-2021-funding-on-the-way/articleshow/84880048.cms">Clear(Tax) has planned major acquisitions and hiring for this year, in talks with investors to raise funds</a>

Microsoft is in advanced talks to invest in OYO at a valuation of $9 billion, say media reports

<keyword id="11751702" type="UNKNOWN" weightage="20" keywordseo="debutant-lovlina-borgohain">Debutant Lovlina Borgohain</keyword> (69kg) assured India of their first boxing medal at the ongoing Olympic Games when she upstaged former world champion Nien-Chin Chen of Chinese Taipei to enter the semifinals here on Friday. The 23-year-old Assam boxer prevailed 4-1 to make the last-four where she will square off against reigning world champion Busenaz Surmeneli of Turkey, who hammered Anna Lysenko in her quarterfinal bout. Borgohain, a two-time world championship bronze-medallist, displayed tremendous calm in the face of a plucky opponent, who had beaten her in the past. She was aggressive to start with, followed it up with a tremendous counter-attacking game and kept her defence tight in the final three minutes to emerge triumphant. The youngster, who was laid low by COVID-19 last year and missed a training trip to Europe because of it, let out a huge scream after the referee raised her hand, pent up emotions finally getting the better of her. India's previous boxing medals have come through <keyword id="30474" type="PERSON" weightage="20" keywordseo="Vijender-Singh">Vijender Singh</keyword> (2008) and M C Mary Kom (2012). Both of them had won bronze medals and Borgohain would look to better that. Earlier, <keyword id="1406187" type="PERSON" weightage="20" keywordseo="Simranjit-Kaur">Simranjit Kaur</keyword> (60kg) lost to Thailand's Sudaporn Seesondee in the pre-quarterfinals to make an early exit from the Games here. The 26-year-old Indian, seeded fourth, went down 0-5 despite a gritty performance. She was impressive in the opening round and seemed to have caught Seesondee on the back-foot with her measured approach, sticking to a counter-attacking strategy. However, the judges ruled unanimously in favour of the <keyword id="32810" type="ORGANIZATION" weightage="20" keywordseo="Thai">Thai</keyword>, causing <keyword id="1969233" type="PERSON" weightage="20" keywordseo="Simranjit">Simranjit</keyword> to be a tad reckless in the second round. The Indian paid for the hyper-aggressive approach in the first few seconds itself when Seesondee managed to connect some eye-catching left hooks. The defensive errors in the second put paid to Simranjit's chances and even though she gave it her all in the third round, it needed nothing short of a demolition job to get over the line. However, that was not to be as she bowed out following a unanimous verdict. The 29-year-old Thai is a two-time world championships medallist and also won a silver in the 2018 Asian Games. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/tokyo-olympics-indias-only-contender-deepika-kumari-reaches-the-quarterfinals-in-womens-archery/articleshow/84880168.cms">Tokyo Olympics: India's only contender Deepika Kumari reaches the quarterfinals in women's archery</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/cleartax-major-acquisitions-and-hiring-2021-funding-on-the-way/articleshow/84880048.cms">Clear(Tax) has planned major acquisitions and hiring for this year, in talks with investors to raise funds</a>

Tokyo Olympics: Lovlina Borgohain assures a boxing medal for India by entering semifinals

The US will conduct a rare second lottery for the H-1B visa to decide on the successful applicants, the USCIS has announced, a move which would provide another chance to hundreds of Indian IT professionals who could not make it in the first random selection. The US Citizenship and <keyword id="361298" type="ORGANIZATION" weightage="20" keywordseo="Immigration-Services">Immigration Services</keyword> (USCIS) said that a decision was taken after determining that the computerised draw of lots for H-1B visas conducted early this year did not give them enough number of Congressional mandated H-1B visas. The H-1B visa, most sought-after among Indian IT professionals, is a non-immigrant visa that allows US companies to employ foreign workers in specialty occupations that require theoretical or technical expertise. Technology companies depend on it to hire tens of thousands of employees each year from countries like India and China. "We recently determined that we needed to select additional registrations to reach the Fiscal Year (FY) 2022 numerical allocations. On July 28, we selected previously submitted electronic registrations using a random selection process," the USCIS said in a statement. "The petition filing period based on registrations selected on July 28 will begin on August 2 and close on November 3. Individuals with selected registrations will have their myUSCIS accounts updated to include a selection notice, which includes details of when and where to file," it said. The move by the USCIS to conduct the second lottery will provide another chance to several applicants, including hundreds of Indian IT professionals, who could not make it in the first random selection. The federal agency said that only those petitioners with selected registrations for FY 2022 are eligible to file H-1B cap-subject petitions. The initial filing period for those with selected registrations for FY 2022 was from April 1, 2021, through June 30, 2021. The USCIS said an H-1B cap-subject petition must be properly filed at the correct service center and within the filing period indicated on the relevant registration selection notice. Online filing is not available for H-1B petitions. Petitioners filing H-1B petitions must do so by paper and must include a printed copy of the applicable registration selection notice with the FY 2022 H-1B cap-subject petition. "Registration selection only indicates that petitioners are eligible to file H-1B cap-subject petitions; it does not indicate that the petition will be approved. Petitioners filing H-1B cap-subject petitions, including those petitions eligible for the advanced degree exemption, must still submit evidence and establish eligibility for petition approval based on existing statutory and regulatory requirements," the USCIS added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/tech-mahindra-shares-price-jump-because-management-sees-a-10-plus-growth/articleshow/84882133.cms">Tech Mahindra shares surge as for the first time in over five years the management sees a 10% plus growth</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/cleartax-major-acquisitions-and-hiring-2021-funding-on-the-way/articleshow/84880048.cms">Clear(Tax) has planned major acquisitions and hiring for this year, in talks with investors to raise funds</a>

H-1B visa: Another golden chance for Indian professionals, as US preps to conduct a rare second lottery

As Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> has set the ball rolling with the announcement of his 19-point Startup action plan amid much fanfare, the move aimed at boosting employment generation and wealth creation has generated huge enthusiasm and been largely welcomed by the industry. 
 
As India waits to see much more indigenous innovation in the days to come, here are key VCs, investors and startups reflecting on the various provisions of the Startup Action plan, and how they feel it will impact the startup industry in the recent future. Take a look: 
 
<a href="http://www.businessinsider.in/PMModi-announces-mega-Startup-India-policy-amidst-wild-cheering-from-the-industry/articleshow/50606172.cms">ALSO READ: PM Modi announces mega #Startup India policy amidst wild cheering from the industr</a>y 
 
Vinod Murali, Managing Director, Innoven Capital: 
 
The Government already has a credit guarantee scheme under CGTMSE which has been operational but start-ups have struggled to get through the due process with different PSU banks to avail funds. The key here is to improve credit delivery and educate banks well enough to support the Prime Minister’s vision. Start-ups require capital for growth which can be in the form of debt or equity and it is important to find appropriate partners who understand their lifecycle and aspirations. 
 
Saurabh Shrivastava, Chairman, <keyword id="328347" type="ORGANIZATION" weightage="20" keywordseo="Indian-Angel-Network">Indian Angel Network</keyword> 
 
“Specific to the PM's announcements, the 3 year window for self certification will free startups from the rent seeking inspector raj and is very welcome as is the 3 month window for closing down a startup, which would be great if it applied to all companies. The tax break is welcome though most startups take longer to be profitable. Most of all, his signal for change and recognition of the critical role that startups can play in employment creation, economic growth and solving India's challenges through innovation was fantastic. That will now percolate through all levels of politics and bureaucracy and will be a game changer for India.” 
 
Archit Gupta, CEO &amp; Founder, ClearTax.in: 
 
The government has shown good intent to keep the start-up eco system buoyant and be an enabler in the process. Some of the moves are very positive if implemented, especially around reduced compliance. It is hoped in due course all the announcements shall be delivered. As announced, mobile app shall be launched on 1st April. 
 
The ease of opening a start-up has been simplified, can be done through a mobile app and will take a day. A shorter form shall be applicable. Earlier setting up a company required various registrations will all requiring the same set of documents, address proof, PAN, TAN etc. This will help start-ups focus on their work and avoid unnecessary delays. 
 
Self-certification to laws such as payment of gratuity act, labour laws, employees’ provident fund act, the ESI act etc. No need for obtaining physical certificates for compliance with these laws. In case of the labour laws, no inspections will be conducted for a period of 3 years.The government is moving towards digital compliance which is necessary to support growth.Given ClearTax is more than 3 years old, not many of the compliance steps are applicable to us right now. But we are sure to benefit from other proposals, such as setting up of a ‘Start up India hub’ and relaxed capital gains tax norms. We look forward to further details in the upcoming budget. 
 
Shashank ND, Founder &amp; CEO, Practo 
 
“With the Start Up Action plan, we will see more young entrepreneurs take the risk of starting their own venture and building innovative solutions to solve meaningful problems for Indian as well as for the global audience. I think the Insolvency and Bankruptcy Bill that will allow startups to exit faster, within 90 days is a great step towards encouraging more people to take the plunge of starting a new venture, without the fear of failure. We at Practo believe that acquisitions are a great way to grow together and move faster, and with this bill, we hope to see more startups collaborate and solve the problems faster, with a solution that is scalable for a larger audience. 
 
The relaxation of the financial and labour norms is also a great step towards making things simpler for young startups so they can focus on innovation without getting entangled in some of these norms that are more applicable to larger entities. I am extremely excited about the Atal Innovation Mission, this will help foster innovation at a grass root level among students in schools and colleges, which will in turn encourage more youngsters to enter the field of entrepreneurship and innovate and create some ground breaking products that will be used by people around the world. India is already a leading startup hub and I am convinced that with the right support from the government, it can rapidly become the innovation hub of the world.” 
 
Anurag Avula, CEO and Founder, Shopmatic: 
 
The easing of the financial and labour norms is a fantastic initiative. It encourages new entrepreneurs and start-ups to focus on innovation without having to struggle with additional taxes etc. With progressive initiatives by the Government, India is bound to succeed in its mission to be leading the charge in being the Start Up Capital of the world. Shopmatic started with the intent of helping anyone sell online. Any progressive initiative that benefits business growth for our merchants and individual entrepreneurs, is a step in a positive direction. 
 
Ajith Karimpana, CEO &amp; Founder, Furlenco: 
 Income tax exemption for three years is sufficiently interesting. Most of the new age startups which are on the growth path will seldom be able to generate profits in the first three years. Startups like other companies would certainly benefit more with the <keyword id="6354679" type="ORGANIZATION" weightage="20" keywordseo="GST">GST</keyword> since that has a larger impact on the bottomline and cashflow companies. 
 Companies are setting up head offices in Singapore for multitude of reasons and one of the primary reasons is India public market regulations. <keyword id="35210" type="ORGANIZATION" weightage="20" keywordseo="sebi">SEBI</keyword> regulation easing and GST would have more impact on bringing back startups to India. Furlenco is registered in India. We have high hopes on the government easing rules and we will try our best not to go out of the country. The startup action plan looks promising. Now we need to wait and see how it is executed. 
 
Ashutosh Pande, Founder &amp; Chief Innovation officer, PaySe 
 
“The recent announcements made by the Prime Minister on the Startup India, Standup India initiative highlights Government’s focus on fostering innovation in the country. The start-up India action plan works on the lines of entrepreneurial spirit, making it fast paced with the introduction of Mobile Apps for registration of the Start-up, lesser number of days to file patents and lower fee for acquiring patents. Since Intellectual Property is the asset of a start-up we hope to see a forum, possibly a special fast track court, for efficient disposal of IP infringement case. Financial Inclusion has been highlighted as an area ripe for innovation. Our patent pending and disruptive technology PaySe™ delivers digital cash; it is cash without the paper just as digital music is music without the CD. PaySe™ takes DBT funds digitally to the hands of the recipient as opposed to their bank account. This enables banks and MFI’s to deliver daily loan (as less as a 100 rupee) to those less fortunate. With the start-up India action plan, the Government has tried to bring favourable policies for start-ups, promising a conducive environments for entrepreneurs.” 
 
(Image credits: BCCL)

You Searched For "cleartax acquisition" and got 8 results

Clear(Tax) is planning for major acquisitions as it looks to 'leapfrog' its growth

Kritti Bhalla

Here is why Clear(Tax) clinched a deal with the world's most valued fintech company

Kritti Bhalla

Clear(Tax) has bagged $75 million from world's highest valued fintech startup Stripe and others to fuel its international expansion

Kritti Bhalla

Nykaa IPO: Remember to check your allotment status tomorrow

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Microsoft is in advanced talks to invest in OYO at a valuation of $9 billion, say media reports

IANS

Tokyo Olympics: Lovlina Borgohain assures a boxing medal for India by entering semifinals

PTI

H-1B visa: Another golden chance for Indian professionals, as US preps to conduct a rare second lottery

PTI

Startup India’s real start to come in the way it can access funds

Anushree Singh

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