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Stripe invests in India's Clear

Stripe invests in India's Clear

Stripe has joined a $75 million Series C funding round for Clear, an Indian fintech SaaS outfit that helps people and businesses file their tax returns.

Stripe was joined in the round by Kora Capital, Alua Capital and Think Investments.

Clear (formerly called ClearTax) says it has seen five times growth in the last 18 months and that its platform now processes over 10% of India’s business invoices.

The firm now services over six million individuals, a million small businesses and thousands of large enterprise customers.

Archit Gupta, CEO, Clear, says: "India is on a massive digitisation journey and we are fortunate to be in the perfect storm of electronic invoicing, GST, UPI, cheap mobile internet and rapid adoption of technology due to Covid-19.

"We are doubling down on our SaaS platform to help businesses with collateral free debt and payments. This funding also gives us fuel for our international expansion."

The round is Stripe's second investment in India in a matter of days, coming after the Silicon Valley giant agreed to buy Bangalore-based Recko, which provides payments reconciliation software for internet businesses.

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