ClearTax rebrands itself as 'Clear', to hire 100 people to fuel expansion

Fintech firm ClearTax on Monday said it plans to hire 100 people across various roles, including engineering and marketing to support its strong pace of growth as it looks at taking the IPO route in three years.

The company, which offers software to help in tax filing and other services, has also unveiled a new brand identity 'Clear' to represent all of its offerings across taxes, invoices, wealth management, and credit for businesses.

"We have evolved from income tax compliance to full-stack compliance, invoicing, and financial services firm. We cater to not only individual taxpayers but also businesses, tax experts, and accountants. Today, we process about 10 per cent of India's B2B invoices, over $300 billion of trade value every year, and contribute to 10 per cent of India's e-invoice generation," Clear Founder and Chief Executive Officer Archit Gupta told PTI.

He added that Clear has about 1,200 employees, and it is looking to add another 100 professionals across engineering, product management, enterprise sales, marketing, and other roles across the company.

Asked about the company's IPO plans, Gupta said: "We will look at the IPO route in about three years".

Launched in 2011, ClearTax posted revenue of Rs 60 crore in FY20, a 163 per cent surge over the previous year's Rs 22.8 crore revenue.

Talking about the 'Clear' identity, the company said it will continue to offer products nurturing its legacy of accuracy, security, and reliability, complementing the ClearTax brand.

"We started the company to simplify taxes, over the years we have evolved beyond taxes and have grown tremendously. Today, we make SaaS for taxes, invoices for connected businesses, and offer wealth management. Clear captures our huge ambitions to serve Indians in the areas of invoicing, wealth management, credit, and much more,” Gupta said.

As per estimates, Clear is expected to manage invoices worth over $1 trillion by 2023.

Clear has raised $65 million in equity capital investment since its inception. The company 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. Clear's investors include Composite Capital, Sequoia Capital, and SAIF Partners.