Bangalore-headquartered tax, finance and compliance solutions provider, ClearTax has recorded a massive 400% YOY growth in the number of tax filings as of March 2018.
With demonetization, the ITR numbers for FY 2016-2017 had grown by about 26% in India. In FY 2017-18, implementation of tax reforms such as GST, EWB and other anti-tax evasion measures are expected lead to a growth of over 35% in the number of ITR filings in India. In line with this growth expectation, with over 2.5 million individuals filed returns using ClearTax till March 2018, the company is expecting to cross 4 million tax filings for FY 2017-18. ClearTax aims to get 25% of Indian taxpayers to start filing their taxes through its platform by 2021.
Archit Gupta, Founder and CEO, ClearTax, commented, “We have partnered with over 1,000 corporate entities and have set up help desks at their offices. At these helpdesks, our tax experts help salaried employees with ITR-related queries and guide with them with their tax filing to ensure a seamless experience.”
The company has witnessed a 2X rise in revenues in the last financial year, and estimates an additional three-fold growth in the following year as well. Over the year, ClearTax has extend its offerings - a mutual fund investment platform, GST Software, EWB Software and Business Incorporation & Compliance Services. These offerings are currently used by over 5 lakh businesses and 22,000 CAs & tax experts across India, thus bolstering its leadership in the B2B segment as well.
ClearTax has doubled in size by hiring across functions - from 300+ employees in early 2017 to over 600 employees in 2018. In order to support its current as well as future expansion plans, the company has also expanded its office space, adding 16,500 square feet to its headquarters in Bangalore.
ClearTax was founded by Archit Gupta along with Srivatsan Chari and Ankit Solanki in 2011. The company is headquartered in Bangalore, with a presence in Delhi, Mumbai, and Hyderabad.