This Series C round stands as Stripe's second deal in India — its first being the acquisition of automated payments reconciliation company Recko. Here are the top-line bullets you need to know.
Clear, a tax filing software firm, has raised $75M in a Series C. This round drew participation from Stripe, Think Investments, and Kora Management, among others.
HOW’S THE COMPANY PERFORMING?
- India-based Clear offers an online platform for tax filing and processes over 10% of India’s business invoices.
- The company has grown by 5 times over the last 18 months.
- Clear provides services to around 6M individual customers, 1M small businesses, and 3K large corporations, including firms like Apollo Tyres, Bosch, Puma, Ikea, Swiggy, and Standard Chartered, among others.
- The company states that over 250M invoices have been uploaded to its platform and that more than $300B in trade value has been filled.
WHY DOES THE MARKET MATTER?
This continues Stripe’s push into the accounting & billing software market — as we detailed in our Stripe Strategy Map.
- The global accounting software market is projected to grow at a CAGR of 8.5% and reach a value of $19.59B by 2026, according to Mordor Intelligence.
- Increasing demand for the automation of financial management processes alongside a growing focus on scaling computation is driving industry growth.
- Small businesses and entrepreneurs are increasingly adopting online banking, cloud-based accounting, and tax compliance software, as they are both cost effective and convenient.