The funding round was backed by prominent web3 industry leaders
The start-up, which has witnessed a 5X month-on-month spike in its user base, intends to utilize these funds to bolster its offerings and simplify tax computation.
TaxNodes, a crypto tax computation and expert-assisted ITR filing platform, today announced the successful completion of its seed funding round, securing $1.6 million amidst the challenging funding winter. In this round, notable veterans in the web3 and wealth tech space, including Rahul Pagidipati, CEO of ZebPay and an experienced angel investor, Nischal Shetty, CEO, Shardeum & Founder of WazirX, Ashish Singhal, Co-Founder & CEO, CoinSwitch and Ajeet Khurana, Founder of Reflexical, have invested in the company founded by Avinash Shekhar, a chartered accountant and former CEO of one of the oldest Crypto Exchanges.
The successful funding marks a significant milestone for TaxNodes and the company intends to utilize these funds to bolster its mission of simplifying tax computation, and providing end-to-end solutions for individuals navigating the complexities of crypto taxation.
The company is developing an AI-assisted tax advisory model for individuals and corporates to provide control & compliance using GPT-like Large Language Model. Since its inception, TaxNodes has witnessed a 5X month-on-month spike in its customer base. The company is poised to play a pivotal role in ensuring a safer and more compliant crypto ecosystem, facilitating smoother operations and regulatory adherence.
Additionally, TaxNodes has recently announced partnerships with crypto exchanges like ZebPay, WazirX and Giottus and is focused on helping crypto users to comply with tax laws. TaxNodes will also help Crypto exchanges to increase their internal controls and automate reconciliation & accounting.
Commenting on the development, CA. Avinash Shekhar, Founder & CEO, TaxNodes said, ”We are thrilled to have successfully completed our seed funding round and delighted to see that seasoned leaders from the crypto ecosystem are placing their trust in TaxNodes. This funding will enable us to provide a complete solution for crypto natives making it easier for them to handle their tax obligations. With our advanced tax computation engine, a team of seasoned crypto experts, and a full-stack solution, we aim to simplify the complexities of crypto taxation and filing, ensuring accuracy, compliance, and peace of mind for our users. Furthermore, this investment will propel our research and development efforts to create innovative products that cater to crypto exchanges, investors and Finance professionals, including Crypto auditors.
Crypto has witnessed significant movement towards regulations, compliance and specific taxation rules, leading to an increased need for specialized tax management tools. TaxNodes recognizes the challenges faced by crypto natives in accurately computing profits and losses, reconciling transactions across multiple centralized and decentralized platforms, and fulfilling tax obligations.
Mr. Nischal Shetty, CEO, Shardeum & Founder, WazirX, said, “I am thrilled to join hands with TaxNodes. The team at TaxNodes has an exceptional understanding of Crypto business and taxation. I believe in their vision and I am confident that TaxNodes will help in compliance and controls in the Crypto space. I look forward to supporting their growth and success as they continue to disrupt the tax landscape.”
Mr. Rahul Pagidipati, CEO, ZebPay, said, “TaxNodes has immense potential to change the way crypto taxes are computed and filed. I am thrilled to be a part of this seed funding round and support their mission to simplify the tax computing process. With their innovative platform and expert assistance, individuals and businesses can navigate the complex world of crypto taxation with ease. I have no doubt that TaxNodes will play a vital role in shaping the future of crypto taxation. I have worked with Avinash for a long time and have complete confidence in his ability to lead TaxNodes to success.”
Founded in December 2022, TaxNodes is a tax computation and expert-assisted ITR filing platform that aims to simplify the tax computing process. The platform has a team of experts dedicated to simplifying taxes, particularly in the complex world of crypto taxes. The platform is also working towards helping crypto exchanges increase their internal controls and automate reconciliation and accounting.
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