Fintech IT firm Clear said it has raised $75 million (around Rs 562 crore) in its Series C funding round led by Kora Capital.
Other investors such as fintech Global fintech Stripe, Alua Capital and Think Investments also participated in the funding round. An existing investor also contributed to the round.
The company said in a statement it will use the funds to enhance the firm’s expansion into B2B credit and payments and would also expand its footprint to the global markets.
Archit Gupta, CEO at Clear, said, “We welcome Kora, Stripe and our other incoming investors. Kora has strong experience in technology players in emerging markets and Stripe is a global technology company that builds economic infrastructure for the internet - we are excited to learn from both of them.”
Gupta added that the company is doubling down on its SaaS platform to help businesses with collateral-free debt and payments. With this funding, the company would be able to expand its global footprints.
Clear, which owns ClearTax, claims that its software-as-a-service (Saas) platform has witnessed 5 times growth in the last 18 months with the addition of over 3,000 large enterprise customers.
The company aims to serve over 10,000 large enterprises and 10 million small businesses over the next couple of years.
Meanwhile, Nitin Saigal, CEO at Kora, said, “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.”
(With PTI Inputs)
