Tue, Oct 22, 2019, 03:28 PM
The acquisition is in line with ClearTax's plan to expand its offerings to SMEs and individuals:
ClearTax, India’s #1 Tax & Investing platform today announced that it has acquired a Bangalore-based audio streaming platform Dose FM for an undisclosed amount to spur its dominance in fintech segments and become a one-stop-shop for financial needs of individuals and MSMEs. The acquisition will bolster ClearTax’s mobile capabilities and will enable it to rapidly build accounting, analytics and governance products to expedite its mission to solve the financial problems of MSMEs and individuals.
Businesses in India have leapfrogged from desktop to mobile and ClearTax understands this shift. Business owners and individuals are increasingly adopting mobile products for day to day business and financial planning.
Founded in January 2018 by AbhishekDamodara, RishabhHarit, and AkhilAppana, Dose FM helped thousands of Indians to create and stream live audio shows with significant adoption in Tier 2 cities. “With experience in building consumer products for the Indian market, we resonated with Cleartax’s mission of building mobile-first solutions that will impact crores of Indian business owners and help simplify their lives,'' said AbhishekDamodara, CEO, and founder of Dose FM.
Archit Gupta, Founder & CEO, ClearTax, said, “With small businesses comprising a staggering 99.6% of total businesses across India, ClearTax will soon introduce best-in-class solutions focussed on solving their accounting, analytics and governance problems.”
“And Dose FM will help us expand our offerings. The purpose of this acquisition is to utilize the team’s potential to build mobile focussed products for simplifying the financial lives of businesses and individuals,” he said.