Fintech IT firm Clear, which owns ClearTax, has raised $75 million (around Rs 562 crore) in Series C funding round led by Kora Capital, the company said on Sunday. Global fintech Stripe, Alua Capital, Think Investments and existing investors also participated in the round.
"The funds will be used to accelerate Clear's expansion into B2B credit and payments plus expansion into international markets," the company said in a statement. Clear claims that its software-as-a-service (Saas) platform has witnessed 5 times growth in the last 18 months within addition of over 3,000 large enterprise customers.
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"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," Clear founder and CEO Archit Gupta said. The company aims to serve over 10,000 large enterprises and 10 million small businesses over the next couple of years.
"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," Gupta said. The company claims to have recorded a surge in usage with over 1 million small businesses on the platform and now processes over 10 per cent of India's business invoices with a gross merchandise value of $400 billion.
"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," Kora's founder and CEO Nitin Saigal said.
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