Bengaluru, India – Prosperr.io, a fintech SaaS start-up that automates income tax management for individuals as well as businesses, has received $4 million (approx. INR 33 Crore) funding as a part of its seed round by a Singapore-based fund, named Jungle Ventures.
Moreover, other participants in the funding round included Yatra Angel Network, Sadev Ventures, and others. This current round of funding takes the total amount of capital raised by the firm since its launch in 2022 to $5.55 million.
A New Era for Tax Management
Prosperr.io was founded by Manas Gond, CEO, and Dev Kumar, CPTO, and the company aims to be an AI-based financial operating system in the Indian workforce. The startup fills an important gap in the financial services sector. This problem exists in the financial services world. It relates to the issue of taxation complexity affecting Indian salary earners.
The solutions provided by this platform are:
For Individuals (B2C): A subscription service (Super Saver Plan) for automating tax planning, optimization of due deductions, and compliance.
For Enterprises (B2B): ‘CFO Stack’ to automate employee tax-saving Allowances, Flexible Benefit Plans (FBP), and reimbursement, all 100% compliant to cut aliky workload for HR and finance.
Application of Funds
Utilisation:Prosperr.io will use the newly raised funds for:
Accelerate Product Development: Improving its AI engines to enable real-time, customized tax advice.
Scale B2B Infrastructure: enhancing its sales and support infrastructure in order to onboard more business clients.
Expand Offerings: Creating opportunities in related areas of the financial industry, namely wealth management, in addition to tax solutions.
Market Sentiment
This investment reflects a rising trend in “vertical fintech”: solving a precise, deeply ingrained pain point.
Rishab Malik, Partner for Seed Investments, Jungle Ventures, identified the structural play as follows:
“Tax is probably the most underserved area when it comes to innovation related to financial infrastructure, and this gets even messier when people have multiple sources of income, as businesses have global work flows as well. Prosperr.io clearly fits very well into the Jungle’s thesis of supporting founders when they are trying to solve very deep, very hard technical problems.”
Growth and Traction
Since the preseed funding round, Prosperr.io has shown significant growth figures:
Revenue Growth: The company boasts of their revenue growth of 3x over the last year.
Retention rate: It claims to have an 80% retention rate for individuals, as well as 100% for its enterprise-level customers.
Manas Gond, Co-founder and CEO, talked about the vision:
“We’re developing Prosperr.io as an AI-driven financial operating system for working in India. Our combined Flexi Benefit Plan and Super Saver Plan is changing how organizations and individuals manage taxes, savings, and compliance.”
Thus, Prosperr.io is poised to disrupt traditional methods of tax filing, as well as the competitors within this space, through the utilization of its unique offering of an entire year of financial wellness, as opposed to only during tax season. challenge traditional tax filing methods and incumbent players by offering a year-round, automated approach to financial health rather than just a seasonal filing tool.
