Chennai and Mumbai based IndiaFilings.com operated by VERVE Financial Services Private Limited has raised 30 crores from BeeNext and Udtara Ventures. The funding raised as secondary will be used to provide exit to family members who were fully invested in the company
IndiaFilings.com which helps businesses and individuals with compliance and regulatory services has raised USD $4.1mn from BeeNext, Udtara and angels. The funding will be utilised to give stellar returns to the family members who had originally invested to grow the company into a successful, profitable venture with over 500 employees and 1 lakh paid customers. |
| Lionel Charles, CEO and Founder, IndiaFilings with his mother |
Founded in 2014 by Lionel Charles, IndiaFilings provides over 200 services for small businesses that help small businesses stay compliant and manage their regulatory requirements - at a very affordable price point. The company utilises homegrown technology to provide regulatory and accounting services at scale. The company has a revenue run rate of over Rs. 50 crores and is profitable.
Commenting on the announcement, Lionel Charles, CEO and Founder, IndiaFilings, said, “Our vision is to build IndiaFilings.com as an institution and a fintech platform for India. 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.
I am also extremely thankful to my parents for backing me up in my first venture with funds - when I came back after completing my Bachelors and Masters in the USA. They literally bet all their life savings on my venture. I am happy - that I have been able to give them an exit and good returns.
There is a perception that Entrepreneurship is risky among some in India. I hope our story serves to break this perception and parents see investment into their children's business as an asset class that can be monetised in this new decade.
IndiaFilings was started with the simple idea that doing business should be easier and more seamless in India. Over 50,000 businesses have so far been started through IndiaFilings.com. The company currently offers 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. With this fundraise, the company is looking to professionalise management and scale operations.
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