Rainmatter, a Bengaluru-based fintech fund and incubator, which was created by online stock trading startup Zerodha, has invested Rs 2 crore seed funding in online tax planning and filing platform, Quicko.
Vishvajit Sonagara, Founder, Quicko, said,
“We are very excited to partner with Zerodha to simplify tax filing for traders. We would like to help traders file their Income Tax returns simply by importing Tax P&L from their Zerodha account.”
Quicko has already helped 11,000 traders file their income tax returns in the past one year.
Nithin Kamath, Founder and CEO, Zerodha, added,
“In India, traders are generally confused about their tax calculations. Taxes on Trading can get tricky sometimes as the rules vary depending on the asset class such as real estate vs equity vs derivative, nature of trading activity (speculative vs non-speculative), turnover limits and applicability of tax audit. We can now offer our customers a simpler way to file taxes with Quicko.”
Quicko has also set up a platform, learn.quicko.com, to inform and educate taxpayers on important tax matters such as Income Tax Forms, Due Dates, Penalties and Refunds.
Incorporated in 2015, Ahmedabad-based Quicko is a complete tax filing platform for Income Tax, GST, and TDS filing. Individuals and businesses in India can plan, prepare and file ITR, GST and TDS returns on Quicko for free.
The startup said that salaried individuals can upload Form 16, review and file ITR in minutes. Quicko also helps stock traders figure the right ITR forms, the applicability of tax audit, due dates, and file Tax Returns including P&L and Balance Sheet.
In the tax filing space, Quicko competes with the likes of ClearTax which received $50 million led by Hong Kong-based investment firm Composite Capital, in October 2018.
This July, Rainmatter also took part in a $1 million seed round in commodity procurement platform Procol Tech Pvt Ltd, in participation with VC firm Blume Ventures.