The funds will be used to accelerate Clear’s expansion into B2B credit and payments plus expansion into international markets.
Clear (née ClearTax), India’s leading fintech SaaS company, today announced a $75 million Series C fund raise led by Kora Capital, alongside global fintech Stripe, Alua Capital, Think Investments and existing investors. The funds will be used to accelerate Clear’s expansion into B2B credit and payments plus expansion into international markets.
Clear’s SaaS platform has witnessed a phenomenal 5x growth in the last 18 months adding 3000+ large enterprise customers. It also saw a surge in usage with over 1 million small businesses on the platform. The Clear platform now processes over 10% of India’s business invoices with a GMV of $400 billion.
Clear is widely known in India as the maker of ClearTax (digital tax platform for consumers). Indian businesses are rapidly digitizing with a strong tailwind from the Indian government’s push. Accelerated by a fully digital rollout of Goods and Service Taxes and mandatory e-invoicing, Clear is India’s dominant SaaS provider in this space. Clear recently acquired yBANQ, marking its expansion into B2B payments. The latest funding will help propel the company’s expansion in payments and credit and take its product suite to international markets where similar shifts are taking place.
The company 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.”
Source: Business World