New Delhi-based fin-tech startup, ClearTax has recently proclaimed that it has acquired the Mumbai-headquartered firm, Dose FM. The acquisition amount has not been disclosed by the company.
ClearTax renders a wide range of services to clientele encompassing e-filing, accounting, tax preparation and investment solutions for business entities as well as individuals.
“The purpose of this acquisition is to utilize the team’s potential to build mobile focussed products for simplifying the financial lives of businesses and individuals. Post-acquisition, the four-member team of Dose FM will work with the ClearTax team,” Archit Gupta, Chief Executive Officer of ClearTax said in an interview with Inc42.
Aims to Venture in Small Cities
ClearTax was established by Srivatsan Chari, Archit Gupta, Ankit Solanki and Raja Ram Gupta in 2011. Since its incorporation, the company has amassed $ 68 million in funds to date. Some of the prominent investors infused in the company are SAIF Partners, Composite Capital, and Sequoia Capital.
On the other hand, DoseFM, an audio streaming firm was established by Rishabh Harit, Abhishek Damodara and Akhil Appanna in 2018. The company presently renders a piece of realistic audio creation equipment to creators which facilitates them in interacting with listeners as well as co-organising shows along with friends. It asserts to have over thirty thousand listeners and ten thousand creators.
“The company is getting huge demand from smaller cities and towns from mobile. With the government’s focus on digitization, tier 2 and 3 markets are relying on mobile for GST, etc. They have worked very closely in those areas and have a strong understanding of their customer base,” Raja Ram Gupta said in an interview with Inc42.
The acquiring firm, DoseFM has partaken in LightSpeed India’s Extreme Entrepreneur the previous year. It gathered an undisclosed sum in the seed funding round from an AngelList syndicate led by Utsav Somani and other angel investors like Abhishek Madhavan of MPL and Loco, reported the cited media agency.
“With experience in building consumer products for the Indian market, we resonated with Cleartax’s mission of building mobile-first solutions that will impact crores of Indian business owners and help simplify their lives,” Abhishek Damodara, CEO, and Founder of Dose FM said in an interview with the cited media agency.
ClearTax asserts to be utilized by more than 5 million taxpayers to pay their tax returns. The firm has reportedly said that it is presently used by 6 lakh businesses, 60k chartered accountants, as well as tax pros, and 10k large enterprises.
The audio streaming segment is constantly shifting; transformed by the onset of technology and change in customers' way of consuming music and allied content. As audiobooks, initiated by Google and Amazon, and music streaming platforms such as JioSaavn and Amazon have come up, a wide variety of music platforms available rendering space to exhibit their shows.