A fintech SaaS startup, Prosperr.io, has secured INR 12.9 crore (approximately $1.55 million) pre-seed funding to revolutionize taxation with AI-powered solutions. Gokul Rajaram, a board member at Pinterest and Coinbase, led the funding, which was participated in by angel investors Vinodh Bhat from JioSaavn, Ramakant Sharma from Livspace, and Kunal Shah from CRED.
Based in Bengaluru, Prosperr.io plans to use the funds to develop its AI-driven Tax Advisor and create a platform for optimizing taxes, catering to users in India and internationally.
Prosperr.io’s Mission and Products
Prosperr.io, a Bengaluru-based fintech startup, aims to achieve an annual revenue of $100 million within the next four years. Its primary focus is on simplifying income tax management through innovative AI-powered solutions.
The company’s user-friendly, technology-driven approach addresses the growing complexity of income tax regulations and the increasing number of individuals filing income tax returns (ITR). Its mission is to redefine income tax management by helping customers save money while achieving their financial goals.
Prosperr.io offers two core products tailored for their B2B customers:
- Super Saver Product: This product is designed to assist individuals in efficiently planning and saving on their taxes. It provides personalized strategies and recommendations to optimize tax savings based on individual financial situations.
- Prosperr-FBP Flexi Benefits Plans: This product, aimed at employers, enables them to offer non-taxable allowances to their employees as part of their benefits package. These allowances are structured to maximize employee benefits while minimizing tax implications.
By offering these innovative solutions, Prosperr.io aims to simplify the tax planning process for both individuals and businesses. They leverage AI technology to provide accurate insights and actionable recommendations, empowering users to navigate tax complexities confidently and efficiently.
Fintech Platforms and Tax Filing Solutions
Taxpayers increasingly turn to fintech platforms like Clear, JJ Tax, Quicko, and ESARWA for efficient tax filing solutions. These platforms offer services that streamline the complex taxation process and provide expert advice to individuals seeking accurate guidance on filing their taxes.
Prosperr.io distinguishes itself by utilizing a robust AI engine to analyze invoices and transactions. This technology ensures a thorough examination of lawful claims of tax benefits. By leveraging AI, Prosperr.io enhances accuracy and compliance, providing customers with reliable and effective tax management solutions.
Prosperr.io Simplifying Tax Management
Prosperr.io, founded in March 2022 by Gond and Dev Kumar, offers subscription-based services to manage income tax for salaried individuals. Their goal is to ensure maximum tax savings and compliance. Prosperr.io leverages a powerful AI engine to examine invoices and transactions. This technology ensures that tax benefits are lawfully claimed, enhancing accuracy and compliance for their users.
Gond mentioned that the B2C product currently serves around 10,000 paid customers, highlighting the platform’s growing adoption and impact in simplifying tax management for individuals and businesses.
Prosperr’s Growth and Mission in Tax Optimization
Prosperr, currently employing 50 people, aims to achieve an annual recurring revenue (ARR) of $2 million by year-end, up from its current ARR of $700,000.
“I’m excited to support the Prosperr team in their mission to create the best tax optimization platform for consumers worldwide, not just in India,” said Rajaram. He emphasized that taxes can be complex, and Prosperr’s AI platform helps individuals and employees navigate these complexities while maximizing their tax savings and ensuring compliance. Other significant players in the tax solutions industry include ClearTax from Bengaluru, TurboTax from the US, and Vertex, among others. These companies also offer solutions to simplify tax processes for individuals and businesses.
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