Indian Startup Clear Eyes Payments Push in USD 75Mn Funding From Stripe
Clear, a Bangalore-based startup has raised $75 million from investors including global fintech giant Stripe Inc. to fund its expansion into online payments and other new businesses.
Kora Capital, Alua Capital and Think Investments led the Series C round with existing backers of Clear also participating. The startup, which offers cloud software subscriptions for tax fillings, plans to use the new capital to develop business-to-business payments and credit as well as grow in international markets, it said.
Drawn by the industry's accelerating growth, investors are increasingly flocking to India's digital financial services market. Clear’s platform grew five times in the past 18 months and it has added 3,000-plus large enterprises and more than 1 million small businesses to its roster of customers, the company said.
The Sequoia Capital and Y Combinator-backed startup said it now processes more than a tenth of India’s business invoices. The startup recently acquired yBANQ to expand its payments-an industry that counts Stripe as one of the largest players. Clear also offers services tax filling, wealth management and electronic invoicing services.
The startup says over 6 million individuals, and more than 1 million small and medium-sized businesses and over 30,000 enterprises use its platform.
In the past 18 months, said Archit Gupta, Clear founder and chief executive, the startup’s SaaS platform has grown five times. Clear said it processes over 10 per cent up from 3 per cent in 2016, of India’s invoices with a GMV 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, “said Nitin Saigal, Kora’s founder and CIO, in a statement.
Gupta said the startup will deploy the fresh funds to broaden its offerings and is also beginning to expand overseas. Clear, which is already serving businesses in the Middle East, plans to expand to cater to similar businesses in Europe soon, he said.
Kora Capital, Alua Capital and Think Investments led the Series C round with existing backers of Clear also participating. The startup, which offers cloud software subscriptions for tax fillings, plans to use the new capital to develop business-to-business payments and credit as well as grow in international markets, it said.
Drawn by the industry's accelerating growth, investors are increasingly flocking to India's digital financial services market. Clear’s platform grew five times in the past 18 months and it has added 3,000-plus large enterprises and more than 1 million small businesses to its roster of customers, the company said.
The Sequoia Capital and Y Combinator-backed startup said it now processes more than a tenth of India’s business invoices. The startup recently acquired yBANQ to expand its payments-an industry that counts Stripe as one of the largest players. Clear also offers services tax filling, wealth management and electronic invoicing services.
The startup says over 6 million individuals, and more than 1 million small and medium-sized businesses and over 30,000 enterprises use its platform.
In the past 18 months, said Archit Gupta, Clear founder and chief executive, the startup’s SaaS platform has grown five times. Clear said it processes over 10 per cent up from 3 per cent in 2016, of India’s invoices with a GMV 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, “said Nitin Saigal, Kora’s founder and CIO, in a statement.
Gupta said the startup will deploy the fresh funds to broaden its offerings and is also beginning to expand overseas. Clear, which is already serving businesses in the Middle East, plans to expand to cater to similar businesses in Europe soon, he said.
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