Tax filing startup ClearTax makes its second acquisition in 6 months with Karvy’s GST services unit
Tax filing startupstated that it has acquired the GST software and services business of Karvy Data Management Services for an undisclosed amount to boost its GST clientele.
With this acquisition, more than 200 enterprise customers of Karvy will move to ClearTax, which will also be hiring employees from the GST division of Karvy Data Management Services.
ClearTax Founder and CEO Archit Gupta
In a statement, ClearTax said that the acquisition will bolster its GST enterprise customer base, furthering its market share in the industry.
ClearTax has more than 400 customers who are on SAP and it is working on integrating these customers with its e-invoicing product. These customers will be using the entire suite of GST offerings from ClearTax.
Speaking on the acquisition, Archit Gupta, Founder & CEO, ClearTax, said,
“With this strategic acquisition we will be able to quickly scale up our GST customer base. The new enterprises will benefit from all of our GST solutions, including e-invoicing, and will be able to comply with the new regulatory regime smoothly.”
ClearTax’s new GST return filing system, GST 2.0, combined with its e-invoicing and e-way bill software, will make it easier for customers to stay GST compliant while ensuring efficient use of their working capital.
Back in October 2019, ClearTax also said that it acquired Bengaluru-based audio streaming platform Dose FM for an undisclosed amount. The acquisition was towards bolstering its mobile capabilities and enabling the platform to rapidly build accounting, analytics, and governance products to expedite its mission to solve financial problems of MSMEs.
In November, ClearTax also rolled out an online GST course with plans to generate business of Rs 100 crore by March 2020.
The company also set a target of training 75,000 tax professionals, and more than two lakh businesses through new e-learning course in partnership with online education platform Udemy before the launch of the new GST return filing system.
(Edited by Evelyn Ratnakumar)