Quicko Infosoft Pvt. Ltd, a startup focused on tax filing, has raised Rs 2 crore ($280,613 at current exchange rate) in seed funding from Rainmatter Capital, according to reports.
The investment in Ahmedabad-based Quicko is the fifteenth such for Bengaluru-headquartered Rainmatter, which was established by online stock trading startup Zerodha. The incubator says it focuses on the technology and fin-tech spaces.
Quicko said it will use the funds it has raised to build out its income-tax (I-T) return filings service for the online trading space, The Economic Times reported. It will also integrate with Zerodha to allow the stock trader’s customers to upload their data and file their I-T returns.
VCCircle has reached out to Quicko and Rainmatter on the details of the investment and will update this report accordingly.
Quicko founder Vishvajit Sonagara said the startup’s services lower the cost of tax return filings by a significant amount as compared with traditional market and chartered accountant rates. “This solves a big problem for many first-time traders,” he said.
According to its website, Quicko – which was incorporated in 2015 – says it is a tax planning, preparation and filing platform. Its products include filing income tax, goods and services tax, tax deducted at source and personal account number verification. Other services include PAN application and business registration.
Perhaps Quicko’s biggest competitor in the tax filing space is Defmacro Software Pvt. Ltd-operated ClearTax, which was founded in 2011. In October last year, Bengaluru-based ClearTax raised $54.2 million (around Rs 400 crore), with the Hong Kong-based investment firm Composite Capital Management leading the investment round.
Rainmatter says it provides funding as well as workspaces to companies. It has backed companies such as options trading platform Sensibull, as well as LearnApp, a digital learning platform. In July this year, it took part in a $1 million (around Rs 6.88 crore) seed round in commodity procurement platform Procol Tech Pvt. Ltd., with VC firm Blume Ventures also participating.
