Pune-based online tax information platform TaxSutra has raised about $366K (INR 2.5 Cr) from existing investors TV Mohandas Pai and V Balakrishnan (chairman of Exfinity Ventures), along with other existing and new investors. Former Wipro taxation head PV Srinivasan also participated in this round.
Founded in 2011 by Arun Giri, Ameya Kunte and Arun Anant, TaxSutra provides real-time news and case law analysis on the Income tax from ITAT, the High Courts, and the Supreme Court.
It also tracks important litigations, developments in Income Tax department, CBDT, and Finance Ministry. It runs six online subscription based portals on direct tax, indirect tax, transfer pricing, corporate laws and accounting/auditing standards, all targeted at businesses.
Talking about the platform, investor V Balakrishnan said, “We are delighted with the growth curve of Taxsutra and its high-quality editorial products that are relied on by tax professionals, corporate decision makers, and legal eagles.”
Taxsutra also provides its users with discussion forums, commentaries from inside the industry, white papers and other features.
Earlier in February 2015, TaxSutra raised $161K from a group of individual investors including V Balakrishnan and TV Mohandas Pai, former CFOs and board members of Infosys. Currently, with a team of 40 professionals, it claims that since the last round of funding, its revenues have more than doubled. Other startups in this segment include Cleartax, Quicko, Taxsmile etc.
The development was reported by ET.