IndiaFilings secures $4.3 million in secondary share sale to BeeNext, Udtara Ventures



IndiaFilings secures $4.3 million in secondary share sale to BeeNext, Udtara Ventures
Compliance and regulatory service provider IndiaFilings.com, operated by Verve Financial Services on Monday said that it has performed a $4.3 million secondary sale bringing on board BeeNext, Udtara and angels. The bootstrapped firm saw its promoters and early angels partially sell shares to the incoming investors.
Founded in 2014, IndiaFilings provides over 200 services for small businesses helping them stay compliant and manage their regulatory requirements. The firm utilises its in-house technology stack to provide regulatory and accounting services at scale. The firm has a revenue run rate of over Rs 50 crore and is profitable.
The company presently provides services across various verticals like business registration, taxation, accounting, banking and intellectual property services. In 2018, the company launched Ledgers Accounting Platform to help SMBs and Individuals with tax filing services.
“We are happy to partner with BeeNext and Udtara Ventures in our journey of building together. With this investment, we are looking to double our revenue, introduce newer products and grow our customer base further,” stated Lionel Charles, CEO and founder, IndiaFilings.
The company claims to be profitable and have an annual revenue run rate of over Rs 50 crore. With 500 employees and close to 1 lakh paid customers, at present, it said that the platform has over 50,000 using it for various services.
Lately, online taxation and fintech software provider, Clear (formerly ClearTax) raised $75 million from Kora Capital and global fintech giant Stripe among others. Clear, at present, has 6 million users which visit its web platform to calculate taxes, and 3,300 enterprise customers.