Prosperr.io Secures $1.55 Million in Pre-Seed Funding led by Veteran Silicon Valley Investor Gokul Rajaram
~The company is poised to reach a milestone of ARR of $1 million by 31st July 2024, demonstrating strong growth and market validation
~ Aims to impact 5 Million+ people and achieve USD 100 Million as annual revenue by 2028.
Bengaluru : Prosperr.io, India’s leading Fintech SaaS Platform for automating income tax today announced the closing of its $1.55 million pre-seed funding round. The round was led by Gokul Rajaram, a Board member at Pinterest and Coinbase, and prominent investor, known for backing exceptional companies like Faire, Figma, and Airtable. The round also saw participation from notable angel investors including Vinodh Bhat (President & Co-founder JioSaavn), Ramakant Sharma (Founder Livspace), Kunal Shah (QED Ventures), Saurabh Jain (CEO, Livspace), among several others.
Founded in March 2022, Prosperr.io offers a subscription-based service designed to manage income taxes comprehensively for salaried individuals, thereby ensuring maximum eligible tax savings and compliance. By combining advanced tech products with personalised industry expertise, the company aims to create a digitally intelligent solution for personal finance, benefiting millions worldwide. The capital raised will be used primarily to develop the company’s AI-first Tax Advisor.
“The growing complexity of income tax regulations and the increasing number of individuals filing income tax returns (ITR) highlight the need for user-friendly technology-driven solutions. Our mission is to address this challenge by developing AI-powered solutions that redefine income tax management and help our customers save money while achieving their financial goals. We’ve already seen significant traction with employees of 1,500 companies using Prosperr.io.” Manas Gond, CEO & Co-founder, of Prosperr.io.
The Income Tax Department has recorded a surge in Income-tax Returns filed. As of December 31 2023, 81.8 million income tax returns (ITR) were filed for the A.Y. 2023-2024, compared to 75.1 million income tax returns (ITRs) filed by December 31, 2022. This is a 9% increase from the previous year and is expected to continue growing. As per the Honorable Finance Minister, Nirmala Sitaraman by 2047 India will have 470 Million people paying income tax.
To cater to the needs of this large population, Prosperr.io offers two core products: the Super Saver Product (B2C product), which helps individuals plan and save their taxes efficiently, and the Prosperr-FBP (Flexi Benefits Plans) which enables employers (B2B product) to provide non-taxable allowances. The company leverages a powerful AI engine to examine invoices and transactions, ensuring the lawful claim of tax benefits. The “Prosperr-FBP” promises to increase the in-hand salary of each employee in an organization by 8%.
On the funding, Gokul Rajaram, Investor, Board Member – Coinbase, Pinterest and The Trade Desk states, “I’m excited to support the Prosperr team on their mission to build the best tax optimisation platform for consumers not just for India but for the world. The world of taxes is complicated and confusing, and Prosperr’s AI platform helps individuals and employees stay compliant while maximizing tax savings.”
On the funding, Dev Kumar, CPTO & Co-Founder of Prosperr.io says, “The company uses advanced AI technology for comprehensive tax management solutions, analyzing user tax information year-round. The real-time data help us to plan, manage & maximize tax savings for our users and moreover will help provide data-driven personalise financial solutions. Our next step is to launch a Financial Advisory product for B2C users and enhance our AI-agents of Prosperr-FBP product, amplifying the global impact. We also target to reach 5 million paid users and USD 100 Million as annual revenue by 2028.”