ClearTax, an Indian fintech SaaS company, which offers GST compliance and tax & investment-related products, today announced that it has acquired the GST Software and Services business of Karvy Data Management Services for an undisclosed amount to boost its GST clientele. With this acquisition, more than 200 enterprise customers of Karvy will move to ClearTax. ClearTax will also be hiring employees from the GST division of Karvy Data Management Services. Karvy customers will be provided a smooth and seamless business continuity and transfer with ClearTax. The acquisition will bolster ClearTax’s strong GST enterprise customer base and cement its leadership in the industry.
This acquisition is expected to bolster ClearTax as one of the fastest-growing GST compliance software companies in India. ClearTax has more than 400 customers who are on SAP and it is working on integrating these customers with its e-Invoicing product. These customers will be using the entire suite of GST offerings from ClearTax.
Archit Gupta, Founder & CEO, ClearTax, said, “With this strategic acquisition we will be able to quickly scale up our GST customer base. The new enterprises will benefit from all of our GST solutions, including e-Invoicing and will be able to comply with the new regulatory regime smoothly.”
ClearTax’s cutting edge solutions for GST 2.0, new GST returns filing system, combined with its e-Invoicing and e-way bill software, will make it easier for customers to stay GST compliant while ensuring efficient use of their working capital.
ClearTax’s platform has served over 5 Million Indian Taxpayers to e-File their Tax Returns, about 6 lakh businesses, 60000 CAs and tax professionals, and over 1,000 large enterprises have utilized their GST Software for GST-compliant billing and filing returns.
The company raised $65 Million equity capital investment since inception. It was incubated in Y Combinator and is funded by Silicon Valley investors, including PayPal co-founders Peter Thiel’s Founders Fund, Max Levchin, and Scott Banister. ClearTax’s investors include Composite Capital, Sequoia Capital, and SAIF Partners.